The Revised Disclosure Statement is quite lengthy, spanning 380 pages. The Ad Hoc Earn Group acknowledges that it aims to make complex concepts and treatments more accessible to the extensive and diverse creditor body. Earn claimants have been actively participating and closely monitoring the case at unprecedented levels.

Earn recoveries will come from three sources: a) liquid crypto return, b) equity in NewCo (a crypto mining company traded on NASDAQ), and c) litigation recoveries overseen by the Litigation Oversight Committee (LOC). The Ad Hoc Group, representing a larger constituency, raises concerns about inadequate disclosures and lack of transparency in the Revised Disclosure Statement and the voting process, which may impact ultimate recoveries.

Earn claimants will receive a combination of Bitcoin or Ether and stock in NewCo instead of their original deposited crypto. This may lead to negative tax consequences as it might not qualify as a "like exchange" under the Internal Revenue Code. The Revised Disclosure Statement does not address the relative tax consequences compared to the orderly wind-down scenario.

The Earn claimants, who are major equity holders in NewCo, do not have a guaranteed proportionate share of seats on the NewCo board. Fahrenheit holds two seats, while the Earn Ad Hoc Group has been excluded from the selection process despite having a significant interest in NewCo's success. The Earn Ad Hoc Group should have the right to designate at least three of the remaining five board seats.

The LOC's successful recovery is crucial for Earn claimants, yet they are excluded from having a guaranteed seat on the LOC or in selecting Litigation Administrators. The Ad Hoc Earn Group should have at least one seat on the LOC without requiring UCC approval to ensure fair representation.

The Revised Disclosure Statement lacks sufficient detail on the methodology and calculation of the illiquid asset and mining company components of the NewCo valuation. Discrepancies in administrative costs, discounts, and cash flow forecasts need clarification.

The NewCo valuation significantly affects stock values and tax consequences for Earn claimants. The information provided is insufficient to make informed decisions or reject the Plan. The Revised Disclosure Statement should be amended to address these deficiencies.

After the filing of the Revised Disclosure Statement, alternative wind-down bids were submitted. However, there are no supplemental disclosures about the impact of these bids on recoveries under the orderly wind-down scenario.

Earn claimants have no meaningful input into the decision to toggle to a wind-down. The Ad Hoc Earn Group believes it should have the right to decide alongside the Debtors and UCC whether to exercise the wind-down toggle.

The Revised Disclosure Statement should include a commitment from the Debtors to an open and competitive process for alternative orderly wind-down sponsors.

The Amended Disclosure Statement lacks clarity on recoveries from litigation by the LOC. Any excess recovered should be distributed pro rata to general unsecured creditors.

The list of designated "Excluded Parties" from the Plan release and exculpation provisions should be shared in the Revised Disclosure Statement, and any carve-outs should be disclosed.

Details about the Transition Services Agreement and a clear connection between the tasks performed and the reward metric should be provided before Earn claimants bear the burden of an additional $2.6 million in bonuses.

The nature and prosecution of the $2 billion claim against FTX require more detail, and it is unclear who will be representing the claimants in this matter.

The Ad Hoc Earn Group reserves the right to supplement the filing and raise additional concerns regarding further amendments to the Revised Disclosure Statement and any Plan Supplements as events unfold and impact Earn claimants.