{"id":542821,"date":"2023-01-24T08:11:14","date_gmt":"2023-01-24T05:11:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/genesis-eyes-fast-resolution-to-creditor-disputes-and-bankruptcy-exit-in-may\/"},"modified":"2023-01-24T08:11:14","modified_gmt":"2023-01-24T05:11:14","slug":"genesis-eyes-fast-resolution-to-creditor-disputes-and-bankruptcy-exit-in-may","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/genesis-eyes-fast-resolution-to-creditor-disputes-and-bankruptcy-exit-in-may\/","title":{"rendered":"# Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d82b4863c1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d82b4863c1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/genesis-eyes-fast-resolution-to-creditor-disputes-and-bankruptcy-exit-in-may\/#%E2%80%9D_Genesis_eyes_fast_resolution_to_creditor_disputes_and_bankruptcy_exit_in_May_%E2%80%9C\" >&#8221; Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Genesis_eyes_fast_resolution_to_creditor_disputes_and_bankruptcy_exit_in_May_%E2%80%9C\"><\/span>&#8221; Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvMzdlMzE1MTMtNmQwZC00MGI0LWI3NTUtNmRkMmQ1ZjdhY2I5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May.<\/p>\n<p>Genesis\u2019 lawyer Sean O&#8217;Neal made the comments at a Jan. 23 initial hearing at the United States Bankruptcy Court for the Southern District of New York, according to a Reuters <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/bankrupt-crypto-lender-genesis-optimistic-it-can-resolve-creditor-disputes-2023-01-23\/\">report<\/a>.<\/p>\n<p>He added Genesis had &#8220;some measure of confidence&#8221; it would resolve disputes with creditors by the end of the week and, if needed, would look for the judge to install a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tor, but said:<\/p>\n<blockquote><p>&#8220;Sitting here right now, I don&#8217;t think we&#8217;re going to need a mediator. I&#8217;m very much an optimist.&#8221;<\/p><\/blockquote>\n<p>Genesis filed for Chapter 11 bankruptcy on Jan. 19. At the time it already had a restructuring plan along with a path pursuing a \u201csale, capital raise, and\/or an equitization transaction&#8221; so it could potentially \u201cemerge under new ownership.\u201d<\/p>\n<p>The bankruptcy comes nearly two months after Genesis suspended withdrawals in November 2022 citing market turbulence caused by the bankruptcy of crypto exchange FTX.<\/p>\n<p>A <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of &#8220;first-day&#8221; motions, standard in bankruptcy proceedings, were granted by Judge Sean Lane to Genesis which included allowing the firm to pay employees and vendors.<\/p>\n<p>Lane added Genesis did not need to reveal customer names on its creditor&#8217;s list, citing privacy concerns. Lane even suggested the lender warn users about possible phishing scams if the names are later made public.<\/p>\n<p>Genesis said it will sell its assets at auction with a plan to exit its bankruptcy in a little under four months on May 19.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BlockFi exec argues bankruptcy court should <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rove bonuses to retain talent<\/em><\/strong><\/p>\n<p>It reported having just over $5 billion in assets and liabilities and owes over 100,000 creditors at least $3.4 billion. Genesis\u2019 withdrawal suspension last year impacted users of a yield-bearing product it managed called \u201cEarn\u201d from the Gemini exchange.<\/p>\n<p>Gemini is Genesis\u2019 largest creditor and is owed nearly $766 million.<\/p>\n<p>Its largest debtor was its parent company, Digital Currency Group (DCG), which owes Genesis around $1.65 billion inclusive of $575 million of loans due in May and a $1.1 promissory note maturing in 10 years&#8217; time.<\/p>\n<p>Even though DCG is facing its own financial troubles \u2014 the bankruptcy did not include DCG. Similarly, the Genesis entities handling derivatives, spot trading, broker-dealer and custody are not part of the proceedings and are continuing operations according to Genesis.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/genesis-eyes-fast-resolution-to-creditor-disputes-and-bankruptcy-exit-in-may\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May &#8220; A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May. Genesis\u2019 lawyer Sean O&#8217;Neal made the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":542822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/37e31513-6d0d-40b4-b755-6dd2d5f7acb9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[90192,77595,4978,117,71433],"class_list":["post-542821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-currency-group","tag-lending","tag-bankruptcy","tag-business","tag-court"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=542821"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/542822"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}