Olivia
Online
Crypto Fool
@CryptoFool27
I’m just a simpleton that lost money by investing in a company led by a now demonstrably incompetent, possibly nefarious CEO. Follow if you can relate.
Joined July 2022
276 Following
190 Followers
460 Posts
@JohnReedStark Good write up. And it barely scratches the surface. Thanks for shining light onto this as creditors still suffer the aftermath nearly two years later.
The NBA is Charged With Crypto Fraud: It’s About Time.
The crypto carnage fallout continues as Voyager’s investors have just filed a 108-page proposed class action against the National Basketball Association (NBA) and the law firm McCarter & English for their roles in the Voyager debacle, which investors claim led to $4.2 billion in losses. https://t.co/49PIl64cyZ
In addition to their previous claims against the Dallas Mavericks and Mark Cuban, the Voyager investors now also allege that the NBA failed to properly scrutinize the Maverick’s/Voyager partnership. Per the lawsuit:
“The NBA carefully and deliberately decided to embrace the risks associated with cryptocurrency exchanges such as Voyager, FTX, and Coinbase, and go all in,” according to the suit. “This decision, fraught with risk, involved promoting and selling billions of dollars in unregistered and illegal securities to the public, by leveraging the global reputation and trust in the NBA brand . . . The NBA’s widespread promotion of Voyager’s unregistered securities renders it liable for any and all resulting damages.”
By way of background and with respect to Mark Cuban specifically, the investors have accused Cuban of defrauding them by misrepresenting the safety of Voyager.
Per Bloomberg, Cuban, who has called the claims “utterly baseless,” sold his majority stake in the Mavericks in December for $3.5 billion to the Adelson and Dumont families, who run Las Vegas Sands Corp. The investors are targeting proceeds from the sale to satisfy their damage demands. https://t.co/rz86OGWXio
In addition, the Voyager investors allege that the law firm working on the partnership, McCarter & English, provided poor legal advice that added to the financial destruction and “was so reckless and grossly negligent in their work that they crossed the line into soliciting the sale of unregistered securities and in actively participating in and enabling this RICO conspiracy that has caused billions in damages.”
McCarter & English, in a statement Wednesday, said it intends to “vigorously defend the firm, which provided clear and competent advice to our clients.” No response from the NBA just yet – so get the popcorn. https://t.co/rz86OGWXio
The Alleged Fraud is Easy to Understand
The most egregious and most obvious of Voyager’s alleged fraudulent acts is actually quite simple: Voyager represented to its customers that the customers enjoyed Federal Deposit Insurance Corporation (FDIC) insurance protection of their assets, which was not true.
In a federal court complaint, the US Federal Trade Commission (FTC) charges that from at least 2018 until it declared bankruptcy in July 2022, Voyager used promises that consumers’ deposits would be “safe” to entice them to hand over their funds. When the company failed, consumers lost access to significant assets they had saved, including ongoing salary deposits, college tuition funds, and down payments for homes, according to the complaint, which notes that consumers were locked out of their cash accounts for more than a month and lost more than $1 billion in crypto assets. https://t.co/3yAJn5nWbK
What makes the facts even worse is that the FTC alleges that Voyager knew it was misleading its customers – but continued to do so anyway. Specifically, the FTC alleges that Voyager was aware that the company’s claims could mislead consumers.
The bank where Voyager deposited consumers’ funds contacted the company in 2021 saying the claims were “potentially misleading.” A bank representative went on to say that “a reasonable consumer could conclude that his USDC [USD Coin] held with Voyager is FDIC-insured.” While Voyager made some changes to its cardholder agreement, the complaint notes that the company continued its misleading advertisements. The company only removed the FDIC claims from its advertising after receiving a cease-and-desist letter from the FDIC. https://t.co/1wodeiLOvQ
The FTC alleges that Voyager’s former CEO, Stephen Ehrlich himself, in a June 2022 letter to Voyager customers, reassured them of the company’s stability, claimed it was “well-capitalized and positioned to weather the bear market,” and said that consumers’ funds were “as safe with us as at a bank.” https://t.co/1wodeiLOvQ
Just two weeks after Ehrlich's June 22 letter of reassurance, Voyager froze customers' access to their accounts.
The Aftermath
The FTC announced a settlement with Voyager that will permanently ban it from handling consumers’ assets and is filing suit against its former CEO, Stephen Ehrlich, for falsely claiming that customers’ accounts were insured by the FDIC and were “safe,” even as the company was approaching an eventual bankruptcy. The complaint also names Stephen Ehrlich’s wife, Francine Ehrlich, as a relief defendant. The Voyager companies also agreed to a judgment of $1.65 billion, which will be suspended to permit Voyager to return its remaining assets to consumers in the bankruptcy proceedings. Former executive Stephen Ehrlich denies the allegations, has not agreed to a settlement and the FTC's case against him appears to be proceeding in federal court. https://t.co/GVNVtrt9IY
CFTC and Voyager
In a parallel action, on October 12, 2023, the Commodity Futures Trading Commission (CFTC) separately charged Ehrlich with fraud and registration failures. https://t.co/zoWsw4pEQk
In its continuing litigation against Ehrlich, the CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged. Said CFTC Director of Enforcement Ian McGinley at the time:
“This is yet another CFTC action seeking to hold accountable a chief executive officer for his role in the fraudulent operation of a digital asset platform. Ehrlich and Voyager lied to Voyager customers. While representing they would treat customers’ digital asset commodities safely and responsibly, behind the scenes, they took shockingly reckless risks with their customers’ assets, leading to Voyager’s bankruptcy and huge customer losses. When their business began to collapse, they continued lying to their customers, concealing Voyager’s true financial health. Amplifying their fraud, Ehrlich and Voyager broke their trust with customers while acting in capacities that required CFTC registration, which they failed to obtain.” https://t.co/aucwDfPsnZ
FDIC Insurance and Voyager
The FDIC is an independent agency of the US government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government. FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. https://t.co/CAWKMhrsvW
Voyager is not a bank or financial institution, and the deposits consumers made with Voyager were not eligible to be insured by the FDIC. Along these lines, the FTC complaint notes that the FDIC does not insure crypto assets at all, and consumers’ cash deposits were actually placed in an account held by Voyager at a traditional bank that also issued debit cards on behalf of Voyager. Consumers’ cash was only protected if that bank itself failed, and their cryptocurrency wasn’t protected at all.
https://t.co/1wodeiLOvQ
What is remarkable is that the FDIC and the Board of Governors of the Federal Reserve System even went so far as to issue a joint cease-and-desist letter to Voyager, alleging the company made false and misleading statements about its deposit insurance status. https://t.co/yRLb5ptHCy
IMHO, The Dallas Mavericks Failed Their Fans (Miserably)
The Mavericks on Oct. 2, 2021, announced their five-year partnership with Voyager with much fanfare, rolling out their partnership with a flashy joint press conference to entice investors, especially Mavericks fans. What the Mavericks knew about the FDIC misrepresentations made by Voyager, or any other related fraudulent conduct remains unclear.
But IMHO, by partnering with Voyager, the Mavs not only shamelessly exploited their fans and players by shilling crypto FOMO and diamond hands, but the Mavs also share culpability for the devastation that Voyager wreaked upon its investors.
https://t.co/kcVppa7tyc
Consider these two quotes when the partnership was announced, one from Maverick's owner Mark Cuban and one from Voyager's CEO Steve Ehrlich:
Cuban: “We find it to be a perfect fit for our Mavs fans and Mavs fans of all ages. We want this to be a dynamic partnership to engage all of Dallas. I think, working together we will be at the forefront of innovation. We’re going to come up with new ways to introduce Mavs fans to cryptocurrencies.” https://t.co/UxS1rBceZv
Ehrlich: “What we think that we’ll be able to deliver — and it starts here, it starts in Dallas — is teaching people about decentralized finance, cryptocurrencies and nonrefundable tokens. We really want to bring that to the community. We’ll start that now. And some say, ‘Why the Mavs?’ Because of Mark and the leadership he brings to the NBA when it comes to cryptocurrencies"
https://t.co/UxS1rBceZv
When the Mavericks announced their five-year partnership with Voyager, the Mavs even offered their fans a $100 reward to trade crypto on Voyager for a limited time if they deposited $100 and traded just $10.
To me, the marketing to Dallas Mavericks fans was not just inappropriate and disturbing -- it was just plain shameful to subject their fans to such obvious risks.
The Investor Carnage and Voyager’s Victims
At the time of its bankruptcy, Voyager had over 3.5 million customers, owing $1.3 billion to 100,000 creditors. Millions of Voyager Digital account holders and crypto investors are facing losses due to the misleading statements and deceptive practices of Voyager Digital and its partners. https://t.co/UqPIn3s5iC
During a Chapter 11 bankruptcy hearing, a Voyager customer named Magnolia said she had over $1 million trapped on the Voyager platform, including $350K that was earmarked to pay for college for her children. She said it had taken her 24 years to save, and she had sacrificed spending time with her kids in order to build that nest egg. Magnolia said she felt that Voyager had defrauded its customers. “This is a company that’s talking about how great they’re doing,” she said. “They have Mark Cuban . . . the Dallas Mavericks Arena with the ‘Buy Voyager’ all over it. They’re spending big money on their marketing, on their people, on their locations. Where was the heads up on this?" https://t.co/nb0zjKuwFC
Is the NBA Responsible? Perhaps.
Whether the NBA bears any culpability for the alleged Voyager fraud remains unclear. But my take is that the NBA should be held responsible for Voyager-related and other similar kinds of alleged misconduct by NBA teams.
IMHO, the Mavs opted to line their pockets at the expense of their own fans, and bear some responsibility for the chaotic morass of investor carnage the Mavs and Voyager caused. Perhaps the NBA should be seen the same way.
In the least, the NBA must explain their policies, practices and procedures with respect to team advertising, partnerships, etc. Right now, NBA teams tout perilous NFT investments, dubious crypto-platforms and other highly risky and financially treacherous and predatory investment products. How can the NBA just stand by and let this all go on?
The NBA is one of the greatest, wealthiest, most sophisticated, and most admired brands in the world and likely maintains some level of supervision over the way their teams entice investors, or become entangled with precarious or otherwise risky investments.
NBA Commissioner Adam Silver has always struck me as an honest, fair-minded and meticulous lawyer -- so I do believe that he will dig in, investigate the situation and most likely implement a new compliance framework for NBA team advertising partnerships.
Think of it this way: if the Washington Wizards decided to partner with a heroin manufacturing firm or a blood diamond mining company, the NBA would certainly step in and prohibit that arrangement. The same should go for crypto-partnerships.
And if the facts bear out Voyager-related complicity, risk mitigation failures or other NBA wrongdoing, then the NBA should pay back aggrieved investors in full. That would be the right thing to do.
(As for the lawyers involved, I have authored many articles on this issue and my take is that the legal teams behind these crypto-shenanigans deserve no sympathy, and bear significant responsibility for enabling horrendous crypto-schemes.) https://t.co/mu3CmWpKog;
https://t.co/Oug0R0qqNd
Looking Ahead
The most troubling questions arising from the Voyager civil enforcement actions are: How is this conduct not criminal? Why are Voyager and its executives getting off easy with a civil fine, that they may not even be able to pay? Why are no individuals going to prison for this fraud?
The Stark reality is that grift, chicanery and fraud are not just common and routine in the crypto-ecosystem — they are modus operandi and inherent criminal characteristics deeply rooted in crypto-ecosystem DNA in perpetuity. The result? Victims become victimizers, the crypto-contagion spreads, crypto-titans become fugitives, informants and defendants — and fiat vanishes.
To me, Crypto is a mammoth Ponzi scheme orchestrated by a celebrated parade of carnival barkers, hucksters, con artists and other ruthless and unscrupulous profiteers.
Fail not at your peril crypto investors, lest you become like the Voyager victims -- yet another aggrieved, penniless, desperate and unsecured creditor group, annihilated in the aftermath of a crypto-meltdown.
![JohnReedStark's tweet photo. The NBA is Charged With Crypto Fraud: It’s About Time.
The crypto carnage fallout continues as Voyager’s investors have just filed a 108-page proposed class action against the National Basketball Association (NBA) and the law firm McCarter & English for their roles in the Voyager debacle, which investors claim led to $4.2 billion in losses. https://t.co/49PIl64cyZ
In addition to their previous claims against the Dallas Mavericks and Mark Cuban, the Voyager investors now also allege that the NBA failed to properly scrutinize the Maverick’s/Voyager partnership. Per the lawsuit:
“The NBA carefully and deliberately decided to embrace the risks associated with cryptocurrency exchanges such as Voyager, FTX, and Coinbase, and go all in,” according to the suit. “This decision, fraught with risk, involved promoting and selling billions of dollars in unregistered and illegal securities to the public, by leveraging the global reputation and trust in the NBA brand . . . The NBA’s widespread promotion of Voyager’s unregistered securities renders it liable for any and all resulting damages.”
By way of background and with respect to Mark Cuban specifically, the investors have accused Cuban of defrauding them by misrepresenting the safety of Voyager.
Per Bloomberg, Cuban, who has called the claims “utterly baseless,” sold his majority stake in the Mavericks in December for $3.5 billion to the Adelson and Dumont families, who run Las Vegas Sands Corp. The investors are targeting proceeds from the sale to satisfy their damage demands. https://t.co/rz86OGWXio
In addition, the Voyager investors allege that the law firm working on the partnership, McCarter & English, provided poor legal advice that added to the financial destruction and “was so reckless and grossly negligent in their work that they crossed the line into soliciting the sale of unregistered securities and in actively participating in and enabling this RICO conspiracy that has caused billions in damages.”
McCarter & English, in a statement Wednesday, said it intends to “vigorously defend the firm, which provided clear and competent advice to our clients.” No response from the NBA just yet – so get the popcorn. https://t.co/rz86OGWXio
The Alleged Fraud is Easy to Understand
The most egregious and most obvious of Voyager’s alleged fraudulent acts is actually quite simple: Voyager represented to its customers that the customers enjoyed Federal Deposit Insurance Corporation (FDIC) insurance protection of their assets, which was not true.
In a federal court complaint, the US Federal Trade Commission (FTC) charges that from at least 2018 until it declared bankruptcy in July 2022, Voyager used promises that consumers’ deposits would be “safe” to entice them to hand over their funds. When the company failed, consumers lost access to significant assets they had saved, including ongoing salary deposits, college tuition funds, and down payments for homes, according to the complaint, which notes that consumers were locked out of their cash accounts for more than a month and lost more than $1 billion in crypto assets. https://t.co/3yAJn5nWbK
What makes the facts even worse is that the FTC alleges that Voyager knew it was misleading its customers – but continued to do so anyway. Specifically, the FTC alleges that Voyager was aware that the company’s claims could mislead consumers.
The bank where Voyager deposited consumers’ funds contacted the company in 2021 saying the claims were “potentially misleading.” A bank representative went on to say that “a reasonable consumer could conclude that his USDC [USD Coin] held with Voyager is FDIC-insured.” While Voyager made some changes to its cardholder agreement, the complaint notes that the company continued its misleading advertisements. The company only removed the FDIC claims from its advertising after receiving a cease-and-desist letter from the FDIC. https://t.co/1wodeiLOvQ
The FTC alleges that Voyager’s former CEO, Stephen Ehrlich himself, in a June 2022 letter to Voyager customers, reassured them of the company’s stability, claimed it was “well-capitalized and positioned to weather the bear market,” and said that consumers’ funds were “as safe with us as at a bank.” https://t.co/1wodeiLOvQ
Just two weeks after Ehrlich's June 22 letter of reassurance, Voyager froze customers' access to their accounts.
The Aftermath
The FTC announced a settlement with Voyager that will permanently ban it from handling consumers’ assets and is filing suit against its former CEO, Stephen Ehrlich, for falsely claiming that customers’ accounts were insured by the FDIC and were “safe,” even as the company was approaching an eventual bankruptcy. The complaint also names Stephen Ehrlich’s wife, Francine Ehrlich, as a relief defendant. The Voyager companies also agreed to a judgment of $1.65 billion, which will be suspended to permit Voyager to return its remaining assets to consumers in the bankruptcy proceedings. Former executive Stephen Ehrlich denies the allegations, has not agreed to a settlement and the FTC's case against him appears to be proceeding in federal court. https://t.co/GVNVtrt9IY
CFTC and Voyager
In a parallel action, on October 12, 2023, the Commodity Futures Trading Commission (CFTC) separately charged Ehrlich with fraud and registration failures. https://t.co/zoWsw4pEQk
In its continuing litigation against Ehrlich, the CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged. Said CFTC Director of Enforcement Ian McGinley at the time:
“This is yet another CFTC action seeking to hold accountable a chief executive officer for his role in the fraudulent operation of a digital asset platform. Ehrlich and Voyager lied to Voyager customers. While representing they would treat customers’ digital asset commodities safely and responsibly, behind the scenes, they took shockingly reckless risks with their customers’ assets, leading to Voyager’s bankruptcy and huge customer losses. When their business began to collapse, they continued lying to their customers, concealing Voyager’s true financial health. Amplifying their fraud, Ehrlich and Voyager broke their trust with customers while acting in capacities that required CFTC registration, which they failed to obtain.” https://t.co/aucwDfPsnZ
FDIC Insurance and Voyager
The FDIC is an independent agency of the US government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government. FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. https://t.co/CAWKMhrsvW
Voyager is not a bank or financial institution, and the deposits consumers made with Voyager were not eligible to be insured by the FDIC. Along these lines, the FTC complaint notes that the FDIC does not insure crypto assets at all, and consumers’ cash deposits were actually placed in an account held by Voyager at a traditional bank that also issued debit cards on behalf of Voyager. Consumers’ cash was only protected if that bank itself failed, and their cryptocurrency wasn’t protected at all.
https://t.co/1wodeiLOvQ
What is remarkable is that the FDIC and the Board of Governors of the Federal Reserve System even went so far as to issue a joint cease-and-desist letter to Voyager, alleging the company made false and misleading statements about its deposit insurance status. https://t.co/yRLb5ptHCy
IMHO, The Dallas Mavericks Failed Their Fans (Miserably)
The Mavericks on Oct. 2, 2021, announced their five-year partnership with Voyager with much fanfare, rolling out their partnership with a flashy joint press conference to entice investors, especially Mavericks fans. What the Mavericks knew about the FDIC misrepresentations made by Voyager, or any other related fraudulent conduct remains unclear.
But IMHO, by partnering with Voyager, the Mavs not only shamelessly exploited their fans and players by shilling crypto FOMO and diamond hands, but the Mavs also share culpability for the devastation that Voyager wreaked upon its investors.
https://t.co/kcVppa7tyc
Consider these two quotes when the partnership was announced, one from Maverick's owner Mark Cuban and one from Voyager's CEO Steve Ehrlich:
Cuban: “We find it to be a perfect fit for our Mavs fans and Mavs fans of all ages. We want this to be a dynamic partnership to engage all of Dallas. I think, working together we will be at the forefront of innovation. We’re going to come up with new ways to introduce Mavs fans to cryptocurrencies.” https://t.co/UxS1rBceZv
Ehrlich: “What we think that we’ll be able to deliver — and it starts here, it starts in Dallas — is teaching people about decentralized finance, cryptocurrencies and nonrefundable tokens. We really want to bring that to the community. We’ll start that now. And some say, ‘Why the Mavs?’ Because of Mark and the leadership he brings to the NBA when it comes to cryptocurrencies"
https://t.co/UxS1rBceZv
When the Mavericks announced their five-year partnership with Voyager, the Mavs even offered their fans a $100 reward to trade crypto on Voyager for a limited time if they deposited $100 and traded just $10.
To me, the marketing to Dallas Mavericks fans was not just inappropriate and disturbing -- it was just plain shameful to subject their fans to such obvious risks.
The Investor Carnage and Voyager’s Victims
At the time of its bankruptcy, Voyager had over 3.5 million customers, owing $1.3 billion to 100,000 creditors. Millions of Voyager Digital account holders and crypto investors are facing losses due to the misleading statements and deceptive practices of Voyager Digital and its partners. https://t.co/UqPIn3s5iC
During a Chapter 11 bankruptcy hearing, a Voyager customer named Magnolia said she had over $1 million trapped on the Voyager platform, including $350K that was earmarked to pay for college for her children. She said it had taken her 24 years to save, and she had sacrificed spending time with her kids in order to build that nest egg. Magnolia said she felt that Voyager had defrauded its customers. “This is a company that’s talking about how great they’re doing,” she said. “They have Mark Cuban . . . the Dallas Mavericks Arena with the ‘Buy Voyager’ all over it. They’re spending big money on their marketing, on their people, on their locations. Where was the heads up on this?" https://t.co/nb0zjKuwFC
Is the NBA Responsible? Perhaps.
Whether the NBA bears any culpability for the alleged Voyager fraud remains unclear. But my take is that the NBA should be held responsible for Voyager-related and other similar kinds of alleged misconduct by NBA teams.
IMHO, the Mavs opted to line their pockets at the expense of their own fans, and bear some responsibility for the chaotic morass of investor carnage the Mavs and Voyager caused. Perhaps the NBA should be seen the same way.
In the least, the NBA must explain their policies, practices and procedures with respect to team advertising, partnerships, etc. Right now, NBA teams tout perilous NFT investments, dubious crypto-platforms and other highly risky and financially treacherous and predatory investment products. How can the NBA just stand by and let this all go on?
The NBA is one of the greatest, wealthiest, most sophisticated, and most admired brands in the world and likely maintains some level of supervision over the way their teams entice investors, or become entangled with precarious or otherwise risky investments.
NBA Commissioner Adam Silver has always struck me as an honest, fair-minded and meticulous lawyer -- so I do believe that he will dig in, investigate the situation and most likely implement a new compliance framework for NBA team advertising partnerships.
Think of it this way: if the Washington Wizards decided to partner with a heroin manufacturing firm or a blood diamond mining company, the NBA would certainly step in and prohibit that arrangement. The same should go for crypto-partnerships.
And if the facts bear out Voyager-related complicity, risk mitigation failures or other NBA wrongdoing, then the NBA should pay back aggrieved investors in full. That would be the right thing to do.
(As for the lawyers involved, I have authored many articles on this issue and my take is that the legal teams behind these crypto-shenanigans deserve no sympathy, and bear significant responsibility for enabling horrendous crypto-schemes.) https://t.co/mu3CmWpKog;
https://t.co/Oug0R0qqNd
Looking Ahead
The most troubling questions arising from the Voyager civil enforcement actions are: How is this conduct not criminal? Why are Voyager and its executives getting off easy with a civil fine, that they may not even be able to pay? Why are no individuals going to prison for this fraud?
The Stark reality is that grift, chicanery and fraud are not just common and routine in the crypto-ecosystem — they are modus operandi and inherent criminal characteristics deeply rooted in crypto-ecosystem DNA in perpetuity. The result? Victims become victimizers, the crypto-contagion spreads, crypto-titans become fugitives, informants and defendants — and fiat vanishes.
To me, Crypto is a mammoth Ponzi scheme orchestrated by a celebrated parade of carnival barkers, hucksters, con artists and other ruthless and unscrupulous profiteers.
Fail not at your peril crypto investors, lest you become like the Voyager victims -- yet another aggrieved, penniless, desperate and unsecured creditor group, annihilated in the aftermath of a crypto-meltdown.](https://pbs.twimg.com/media/GF0YqJQXAAACvQY.jpg)
Today, @CFTC charged the former chief executive officer of a digital asset platform with fraud in a massive commodity pool scheme. Read more: https://t.co/N3xqYv71z2
Statement of @CFTCjohnson regarding @cftc's charges against Voyager's chief executive officer. Learn more: https://t.co/OiBvOoCuV6
@VoyagerUCC @redroc_crypto Let me be more specific, why create mechanicisms to impact things you didn’t find favorable (like the number of creditors who transferred their claim to the wind down), but dismiss creditor questions who would like to adjust things like the wind down budget?
@VoyagerUCC @redroc_crypto Is the ucc not considering a pathway for additional creditors to be able to contribute/transfer their claim to the wind down debtor? Why would there be an exception made for claim transferance and not other aspects of the original plan?
@VoyagerUCC Truly unbelievable how little the professionals have accomplished for creditors.
@VoyagerUCC You aren’t reserving additional funds from our recovery to fund your defense costs right?
@neville_p @Rayworkin @noahkaufmanmd @VoyagerUCC @Kirkland_Ellis @investvoyager @GinaDiResta @ETHjuiced To be clear, the updates are coming from @ETHjuiced. Everyone else is recycling what he puts out lol.
@ryansgr8 @ETHjuiced @VoyagerUCC Bc they have a blank check right now. If they effectuate the plan, they’re limited to the wind down debtor budget for defense costs. Damages keep adding up the longer they delay this…. surprised the lawyers aren’t nervously back tracking yet.
@VoyagerUCC Seems like the creditors who were worried about securities violations, objected to the plan and asked for chapter 7 liquidation were thinking two steps ahead. It’s honestly surprising that you continue to fight for the plan at this point. What is your reasoning?
@VoyagerUCC No comment on the binance issues with the cftc?
@VoyagerUCC Looks like your quickly losing the ability to use the “out of one million creditors, the overwhelming majority support the plan” line.
@Kevin_M_Martin @VGX_Heroes @TheJusticeDept @IRSnews @CNN @FoxNews @NBCNews @CNBC @crypto Toggle is also stayed as part of the distribution plan. This will end in liquidation.
@JasonRaznick Are you authorized to tweet again?
Those impacted by the lies/misdirection of crypto CEOs, lawyers and influencers in 2022 are rooting for industry wide disgorgement. The opportunists that profited at your expense will oppose this take with idealistic boilerplate; they are not your friends. Know the difference.
@ETHjuiced @ChelleDiVita @I_Run_To_Live @robfintecheth I get where they are coming from with Shingo’s messaging. I don’t believe K&E said they would absolutely transition to Ch 7 if they didn’t get protections, but it was implied/threatened. This further solidifies that Ch 11 was about protection for insiders, not recovery for us.
@ChelleDiVita @I_Run_To_Live @robfintecheth Those saying they were listening and didn’t hear this is odd. K&E even followed it by asking the judge “would you go through with the plan if those protections were removed? I think not.”
@robfintecheth @VGXRob @VGX_Heroes It’s actually a little more nuanced than what techie said, it’s that the exculpation provisions must be limited exclusively to the actions approved by the judge that are necessary to effectuate the sale. Not that’s he’s immune forever more from any past or future conduct.
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