Genesis sues parent company DCG, other affiliate for $600M loans, then stays action

Genesis Global Capital filed lawsuits against parent Digital Currency Group and affiliate DCG International Investments seeking repayment of over $600M in loans.
Loans include 18,697.7 BTC from DCG International worth $116M today.
Also $500M in loans from DCG itself.
Genesis agreed to stay legal action after deal in principle reached to return 70-90% to creditors.
DCG borrowed funds as Genesis faces bankruptcy with $3.5B owed to top 50 creditors.

cointelegraph.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 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.

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."

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.

9/5/2023

Genesis to Shutter Crypto Trading Desk for U.S. Market

Genesis Global Trading (GGT), a U.S.-focused spot crypto trading business, will close its over-the-counter trading platform on September 18 due to voluntary business reasons.

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.

Topics

Posted 9/6/2023, 10:07:30 PM

Genesis sues parent company DCG, other affiliate for $600M loans, then stays action

Genesis Global Capital filed lawsuits against parent Digital Currency Group and affiliate DCG International Investments seeking repayment of over $600M in loans.
Loans include 18,697.7 BTC from DCG International worth $116M today.
Also $500M in loans from DCG itself.
Genesis agreed to stay legal action after deal in principle reached to return 70-90% to creditors.
DCG borrowed funds as Genesis faces bankruptcy with $3.5B owed to top 50 creditors.

cointelegraph.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 Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

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."

9/1/2023

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

9/5/2023

Genesis to Shutter Crypto Trading Desk for U.S. Market

Genesis Global Trading (GGT), a U.S.-focused spot crypto trading business, will close its over-the-counter trading platform on September 18 due to voluntary business reasons.

9/14/2023

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