Genesis is seeking a 7th extension to the mediation period, this time until August 10th. Gemini is currently considering whether to support or object to the motion. Objections to the motion are due by August 30th and the matter is scheduled for hearing on September 6th. Lastly, Genesis also filed a motion with the Bankruptcy Court seeking a 2nd extension of its period of exclusivity to propose a plan of reorganization. The hearing is now scheduled for August 18th. Genesis adjourned the hearing on the adequacy of information in the Disclosure Statement and on the solicitation and the voting procedures with respect to Genesis’s Amended Plan for a 5th time. Such a plan will provide for the distribution of existing assets in the Genesis estate while concurrently allowing creditors to pursue litigation against DCG to recover any additional assets owed and not distributed from the estate. If a deal cannot be reached with DCG before August 16th, Genesis will proceed with a further amended version of the Amended Plan currently on file. With that said, Genesis’s counsel indicated that Genesis will not seek any further extensions of the mediation period. (DCG), the Unsecured Creditors Committee’s (UCC), and the Ad Hoc Group of Creditors (AHG) remain very close to a deal in principle, this is the same thing Genesis’s counsel said at the last mediation status conference on July 13th. And while Genesis’s counsel stated at the status conference that Genesis, Digital Currency Group, Inc. Gemini continues to advocate for disclosure of the final offers made in the mediation to allow all creditors to evaluate the proposals. įollowing a status conference on August 2nd, Judge Lane approved a 7th extension of the mediation period, to August 16th, over Gemini’s objection. The arguments in their motion are ridiculous and we share some more thoughts in this tweet thread. (DCG), the parent company of Genesis, and its CEO Barry Silbert, filed a motion to dismiss the lawsuit we filed against them for not only architecting and masterminding the DCG and Genesis fraud against creditors, including Earn users, but also directly and personally perpetrating it (see July 7th update, below). On August 10th, Digital Currency Group, Inc. Genesis’s motion seeking a second extension of its period of exclusivity to propose a plan of reorganization is also scheduled for hearing on September 6th (see August 4th update, below). The hearing is now scheduled for September 6th. Genesis adjourned the hearing on the adequacy of information in the Disclosure Statement and on the solicitation and the voting procedures with respect to Genesis’s Amended Plan for a 6th time. As a reminder, the mediation ends next Wednesday on August 16th and Genesis has stated that it will not seek any further extensions.
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