TechFlow news — Genesis submitted a voting report on January 25, which included the amounts and numbers of allowed claims in each category that accepted or rejected the proposed reorganization plan. The category representing Earn users (referred to as "Gemini Lenders" in the voting report) voted in favor of the plan. Gemini, representing all Earn users, continues to work closely with Genesis and other case stakeholders to refine and clarify the plan ahead of the confirmation hearing scheduled for February 14, 2024.
Meanwhile, Gemini and Genesis continue litigating the adversarial proceeding concerning the initial collateral (30,905,782 shares of GBTC), which Gemini moved to enforce in November 2022. Gemini asserts that Earn users are entitled to additional distributions from Genesis’s bankruptcy estate. Initial briefing on the issues of the initial collateral and proper setoff will be completed by February 8, 2024, with oral arguments on these topics scheduled for the week of February 15 before the bankruptcy court. Additionally, briefing on the motion regarding the additional collateral (31,180,804 shares of GBTC) concluded on January 18, and the court will issue a written opinion.
Earlier reports indicated that Gemini Earn users would vote on Genesis's proposed reorganization plan, under which they might recover only 61% of their funds in the worst-case scenario.
