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This decision in precept marks a considerable step forward in the Genesis restructuring and alerts an agreeable discount of FTX’s $3.7 billion claim on the Genesis estate. Lastly, Genesis additionally filed a movement with the Chapter Court Docket looking for a 2nd extension of its interval of exclusivity to propose a plan of reorganization. By way of background, Gemini has spent the final two months demanding that this turnover proceeding be commenced, including in its open letter on July 3, 2023 (see July seventh Earn update, below).
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The UCC has additionally offered a revised Term Sheet to DCG based on its continuing investigation. Genesis’s submitting of a Plan is another step in the direction of the conclusion of the Genesis chapter and maintains Genesis’s schedule in course of confirmation and distribution by the tip of the summer time. The Genesis’s steady extensions and postponements and lack of visibility has considerably delayed the return of Earn users’ assets to them for over eight months.



