TechFlow News, according to CoinDesk, DCG CEO Barry Silbert disclosed debt issues with subsidiaries in a recent letter to shareholders: DCG has an $1.1 billion promissory note owed to Genesis maturing in 2032, and DCG also owes its subsidiary $447.5 million in cash borrowed between January 2022 and May 2022 at interest rates ranging from 10% to 12%, plus 4,550 bitcoins (worth approximately $78 million). Silbert stated that these loans were conducted on a fair-dealing basis and priced at prevailing market rates.
Regarding DCG's role in Genesis' attempted restructuring, Silbert said: "Because DCG owes outstanding loans and promissory notes to Genesis, DCG executives (including Genesis board members) have no decision-making authority on the matter."
Earlier yesterday, Gemini co-founder Cameron Winklevoss publicly called for the DCG board to remove CEO Silbert. Original link
