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September 19, 2024
September 19, 2024
25287
Motion to settle certain state government claims totaling $1.8B
On September 19, 2024 the FTX estate filed a stipulation with several state government entities (Texas, New Jersey, Tennessee, Mississippi, Wisconsin) which resulted in a full and final satisfaction of their claim, without reserving funds or further litigation, provided conditions are met. The conditions include full and final satisfaction of allowed non-governmental claims in Class 6A, and more senior claims, plus interest. This resolves approximately $1.8B of unsecured claims.
August 21, 2024
August 21, 2024
23455
FTX files July 2024 monthly operating reports
On 8/21/2024 the Debtors filed their July monthly operating reports. Cumulative cash held by the Debtors exceeds $11.9B and over $1B of cryptocurrency remains (at petition date values), which we estimate has a rough market value of $2.5B. During July $28.8M was collected from the sale of FTX Japan and $230M from the liquidation of cryptocurrency pursuant to their sale arrangement with Galaxy.
August 2, 2024
August 2, 2024
22165
FTX files first amended plan
Blacklines comparing the original plan and the first amended plan are available at docket #22166. The plan adds a definition for "Contract Rate". This clarifies that claims will acrues interest at the lower of the "Conensus Rate" and the "Contract Rate".
August 2, 2024
August 2, 2024
22163
FTX plan supplement filed
On August 2, 2024 the Debtors filed the Plan Supplement. The exhibits of the supplement detail various additional aspects of the plan, including, a draft Plan Administration Agreement, a draft Liquidating Trust Agreement, a list of Wind Down Board Members, a list of Advisory Committee Members, a list of excluded customer preference actions, and a wind down budget.
July 23, 2024
July 23, 2024
21037
FTX files June 2024 monthly operating reports
#FTX The estate continued to aggressively convert assets to cash during the month of June. The cash pile now exceeds $11B and liquid assets likely around $14B. FTX liquidated approximately $910M of cryo through its liquidation program with Galaxy and collected over $452M for the sale of the remaining Anthropic shares.
July 12, 2024
July 12, 2024
20344
FTX files notice of compromise with CFTC
On July 12, 2024 at docket #20344 the FTX Debtors filed a proposed stipulation with the Commodity Futures Trading Commission, which has filed a claim of approximately $52.2b in the case. Highlights include: (1) Effective at plan confirmation, (2) Allowed disgorgement claim of $4B, (3) Claim shall be subordinated to payment of all creditors and payment of interest at the Consensus Rate, (4) Recoveries on the claim shall be applied only to make supplemental payments to certain creditors under the Supplemental Remission Fund under the plan, (5) The CFTC shall have no other claim in the case, (6) Resolves the ongoing litigation in the District Court, (7) CFTC will not seek a civil monetary penalty.
June 23, 2024
June 23, 2024
18537
FTX files revised restructuring plan and disclosure statement
FTX filed a revised restructuring plan, disclosure statement, and notice of blackline changes at docket numbers 18537 - 18539.
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FAQs

What is the risk of keeping my stub claim?

You鈥檒l remain eligible for future distributions鈥攂ut the process may take several years, with payouts spaced out and tied to litigation outcomes, asset recovery, and the efficiency and effectiveness of trust administration. Holding exposes you to risks such as administrative cost overruns that eat into recoveries and other adverse events (e.g., hacking and security breaches) that may erode estate value.

Why would I consider selling my stub claim?

Although you may have just received a partial distribution, the additional distributions could take more time. Selling your stub claim allows you to cash out on the present value of those future expected distributions now. Depending on your financial objectives, capturing that value through a sale could help you free up capital today for other investments and needs. Selling also eliminates the risks associated with collecting distributions over a multi-year period.

What are stub claims?

Stub claims refer to claims that have already received at least one distribution but expect to receive additional distributions in the future.

Will a Buyer definitely purchase my claim?

While we focus on cases with existing buyer interest, we cannot guarantee that you will receive an offer or that a buyer will agree to purchase your claim. Interest in claims is highly dependent on individual claim attributes.

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91大神 operates the 91大神 Marketplace and related services but does not buy claims for its own account. 91大神 acts as a broker for larger, complex claims on a case by case basis. 聽Independent affiliates of 91大神 may purchase claims or identify claims for purchase as a service on behalf of registered buyers.

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