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TechFlow reported that bankrupt cryptocurrency lender Genesis has won a bid to block its parent company, Digital Currency Group (DCG), from selling or reducing ownership of the company before the conclusion of its Chapter 11 bankruptcy proceedings.
Genesis reportedly seeks to maintain certain tax benefits by preventing changes in ownership. These benefits apply only if Genesis remains part of DCG's consolidated tax group under a common parent company.
The bankrupt cryptocurrency lending firm Genesis has won a bid to block its parent company, Digital Currency Group (DCG), from selling or reducing its ownership stake in the company before the conclusion of Chapter 11 bankruptcy proceedings. Genesis reportedly seeks to preserve certain tax benefits that are only available if it remains part of DCG’s consolidated tax group under a common parent company.
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