Pledge Your Support As A Celsius Creditor | Simon Dixon Supports Earn Ad-HOC initiative
The Ad Hoc Earn Group is a group of Celsius account holders who have filed a reservation of rights document ahead of the August 3rd 2023 deadline to object to the disclosure statement. The document outlines the group's concerns about the Proposed Celsius Chapter 11 Exit Plan Disclosure Statement, including:
- The lack of clarity about the tax consequences of the plan.
- The lack of transparency about who is getting the benefit of the crypto appreciation from the petition date.
- The governance provisions in the plan.
- The liquidation process.
- The litigation recovery process.
- The lack of guaranteed board seats for Earn claimants on the new company that will be created under the plan.
- The lack of guaranteed seats for Earn claimants on the litigation oversight committee.
- The lack of detail about the methodology and calculation of the illiquid asset and mining company component parts of the NewCo valuation.
- The lack of information about whether and to what extent alternative wind-down bids significantly improve recoveries under the orderly wind-down scenario.
- The lack of a right for the Ad Hoc Earn Group to decide along with the Debtors and UCC whether the toggle to wind-down should be exercised.
- The lack of clarity about how any excess recovered from litigation will be distributed.
- The lack of a list of persons to be designated “Excluded Parties” from the Plan release and exculpation provisions.
- Certain details about the Emergence Incentive Plan (“EIP”).
- The lack of detail about the $2B claim against FTX.
Simon Dixon is acting in his own independent capacity but supports the reservation of rights document submitted by the EARN ad-HOC and has been providing individual consultation to the EARN ad-HOC. However, he is not currently bound by any terms of the EARN ad-HOC other than a Non-Disclosure Agreement (NDA).
The reservation of rights document is a significant development in the Celsius bankruptcy case. It shows that the Earn claimant community is engaged and that they are not going to accept the plan without getting answers to their questions. The document will also put pressure on the Debtors to address the concerns of the Earn claimant community.
To Pledge Your Support Please Take The Following Two Steps:
Step 1: Review the reservation of rights document.Review Court Document Now
Step 2: Pledge Your Support By Completing The Form Below
By submitting this form, you consent to being added to Simon Dixon's Newsletter mailing list (specifically for Celsius Creditors).
How to Calculate Your USD Celsius Claim
- Log in to your Celsius App.
- Note down the balance of each coin held in Celsius.
- Multiply each coin balance by the price on the date of bankruptcy, as shown in the chart below.
- Sum up the values to obtain the total USD value of your Celsius claim.
- Enter the calculated amount in the designated box above.
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