@BarrySilbert tried to profit from the (voluntarily declared) bankruptcy of his company, "Genesis Global Capital", and steal 90% of investor money via bankruptcy law loophole. Look into it and see how @tyler and @cameron were also involved.
@BarrySilbert@cobie Do you all know that @BarrySilbert tried to profit from the bankruptcy of his company, Genesis, at the expense of his investors? Look into how he attempted to make the bankruptcy his most profitable trade ever.
@GeminiTrustCo@Gemini/@GeminiTrustCo should not be trusted. Earn Victims lost > $100 million in interest payments and had their accounts frozen for 18 months. 243 thousand victims of an attempted heist via bankruptcy court scam. Damage has not been fixed and justice has not been done.
@GeminiTrustCo (2/2) Most GUSD victims don't know and BTC/ETH victims deny USD valuation requirement. However, if crypto had dove instead of recovered then certainly BTC/ETH victims would be demanding USD valuation as of the bankruptcy date (as the law also demands).
@GeminiTrustCo (1/2) Post bankruptcy there was a massive crypto recovery. The Gemini settlement shafts GUSD victims by giving their entire share of those gains to the BTC/ETH victims. Once a bankruptcy starts all creditors must have their positions valued in the local currency (US Dollar).
@mtaibbi It shows that republicans were over represented in the sample.
They are 51% of the survey but only 42% of the population of the 2 parties. They needed another 1671 Democrats to get a meaningful result.
@ramahluwalia Ramalama - Gemini traded the GBTC (1.8 bn) collateral for the claim (1.1 bn). The problem is that 1.5 bn of the collateral was post foreclosure gains and not either of theirs to trade.
@real_vijay Yeah, but the problem is the law because DCG is correct on this narrow point. Bankruptcy law needs fixing, and/or the fraud case should have went first, and/or the bankruptcy dismissed (as the creditors wanted)
@ramahluwalia Thank you for this post. I wish that you had recommended rejecting the plan as I know that you were aware of this bankruptcy loophole. Did you also know what the NYAG would do after the vote?
@ramahluwalia@GeminiTrustCo 1) Says they will buy BTC with cash on hand even before selling GBTC (more exposure).
2) What does it mean to "redeem" or "transfer" shares?
3) There is no deadline or timeline.
4) There will be $95mm in tx fees!
5) This is ripe for principle-agent fraud.
@ramahluwalia Disappointing. Genesis has money so legal fees won't eat the pie. The preference waiver is an innocuous feint. More time is needed to get the collateral ruling first. Good point about Genesis and Gemini not required to act in best interest of creditors.