• Genesis’ repayment plan has been delayed due to a legal dispute with FTX.
• Cameron Winklevoss issued an ultimatum to DCG CEO Barry Silbert, which expired without a response.
• During the hearing, Manhattan-based Bankruptcy Judge Sean Lane rejected both FTX’s requests for lawsuits and hearings regarding the claim.
Genesis’ Clash With FTX Over Funds Likely to Delay its Creditor Payout: Report
Genesis’ repayment plan was pending approval until US Bankruptcy Judge Sean Lane announced that the firm must first resolve its outstanding issues with FTX. This announcement came hours after Cameron Winklevoss issued an ultimatum to DCG CEO Barry Silbert, which expired without a response. The two parties proposed “duel procedures” in order to settle their claim, but this request was denied by Judge Lane as well as another from FTX to sue Genesis in Delaware court and hold a hearing to decide whether the claim is legitimate or not.
Ultimatum From Cameron Winklevoss
Cameron Winklevoss issued an ultimatum to DCG CEO Barry Silbert that would have forced them to stick with their repayment plan, however this response may be out of DCG’s control now that further hearings have likely been delayed due to the unresolved dispute between Genesis and FTX.
Rejected Requests
Manhattan-based Bankruptcy Judge Sean Lane rejected both of FTX’s requests for lawsuits and hearings concerning their claim against Genesis, leaving it unclear how these two parties will resolve their differences before any further progress can be made on the repayment plan.
Debt To FTX Remains Unknown
The amount of debt owed by Genesis to FTX remains unknown at this time and thus it is unclear how much longer creditors will have to wait for payment until this matter is settled between the two firms.
Final Ruling Still Possible
Despite all of these delays and rejections, there is still hope that a final ruling on Genesis‘ creditor repayment plan may be possible if they are able to sort out their legal dispute with FTX soon enough.