Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

Crypto lender Genesis' bankruptcy case is facing opposition from a group of creditors who consider the treatment of outstanding loans to be insufficient, as Genesis and parent company DCG reach a tentative deal.

coindesk.com

Relevant topic timeline:

8/29/2023

DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%

Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors, potentially resulting in recoveries of 70%-90% for unsecured creditors and 65%-90% recovery on an in-kind basis, subject to market pricing and definitive documentation.

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

Digital Currency Group and its subsidiary Genesis Global have reached a tentative agreement to resolve bankruptcy issues with unsecured creditors, potentially recovering 70%-90% for creditors and 65%-90% for customers depending on the denomination of digital assets, but the deal does not include customers of its investment program or former partner Gemini.

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

8/30/2023

Gemini Opposes Genesis Bankruptcy Plan: 'Woefully Light on Specifics'

Crypto exchange Gemini and a group of ad hoc creditors have raised objections to Genesis' proposed resolution for its bankruptcy, citing a lack of detail and assurances for debtors, as well as inadequate economic consideration, while calling for an end to the exclusivity period for negotiations.

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

Creditors of bankrupt crypto lender Genesis Global Capital have criticized a proposed $175 million deal with FTX, accusing Genesis of vote-buying and manipulating the bankruptcy process, further complicating Genesis' efforts to wind up its affairs and return money to customers.

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in loans, alleging that DCG and DCGI are wrongfully in possession of property belonging to Genesis Global Capital's bankruptcy estate.

9/14/2023

Genesis Winds Down Trading Operations and Files for Bankruptcy After Massive Crypto Losses

Genesis Global Capital, a crypto lending firm and subsidiary of Digital Currency Group, will cease spot and derivatives trading for crypto assets through its British Virgin Islands unit due to voluntary and business reasons.

9/15/2023

Gemini Slams Genesis Bankruptcy Plan, Says Users Won't Recover Lost Funds

Crypto exchange Gemini has criticized a proposed bankruptcy recovery plan for Genesis, calling it misleading and deceptive, stating that Gemini Earn users will not recover the real value of the money they’re owed.

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.

Topics

Posted 8/30/2023, 9:43:00 AM

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

coindesk.com

Relevant topic timeline:

8/29/2023

DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

8/30/2023

Genesis lenders call DCG agreement ‘wholly insufficient’

Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."

8/30/2023

Gemini Opposes Genesis Bankruptcy Plan: 'Woefully Light on Specifics'

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

9/14/2023

Genesis Winds Down Trading Operations and Files for Bankruptcy After Massive Crypto Losses

9/15/2023

Gemini Slams Genesis Bankruptcy Plan, Says Users Won't Recover Lost Funds

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.