_eren_

round and round we go, on this circle stage

[_eren_ @godfallDAO]

@SenWarren So how much are you and your entourage costing the American people Senator Karen?

[Sunil (FTX Creditor Champion) @sunil_trades]

Well articulated piece by @ChrisRoarkCoin for @Cointelegraph

The key difference between FTX and other crypto bankruptcies is the Terms of Service

FTX customers never gave title of our coins to FTX or SBF

https://t.co/VGyI2MwJTk

[Austerity Sucks 🇩🇰 @austerity_sucks]

What the fuck, @_Ryne_Miller and his strategic partners need to be dragged off and thrown into prison this is bananas paying off whistleblower after whisteblower months before the ultimate collapse of FTX

[Sunil (FTX Creditor Champion) @sunil_trades]

Great video by @carlypreilly on the FTX plan

https://t.co/D3akTbAP99

One of few journalists to honestly report about Sullivan and Cromwell, FTX bankruptcy

1) S&C ignored customer property rights and hasn't allowed a judge to rule on - not acting for customers
2) S&C, John Ray mismanaged the FTX bankruptcy
- FTX 2.0 killed by S&C despite numerous interested parties
3) Debtors constantly make inconsistent statements and lie in court documents

- Said FTX EU had no value in a court documents
- Debtors then filed a motion to buy FTX EU with $6m customer money
- Later sold to another party for $33m

Debtors mismanaged the bankruptcy process and has cost FTX customers est. $10bn

[Sunil (FTX Creditor Champion) @sunil_trades]

@ParrotCapital CFTC should start with the fraud facilitators like Sullivan and Cromwell who actually lied to them about FTX and Alameda.

[_eren_ @godfallDAO]

@MrPurple_DJ @theallinpod daylight robbery through white collar law firms/US court.

[Mr. Purple @MrPurple_DJ]

Tom, I’m going to hard disagree with this take.

1) It’s not “moot” and 90% of the value from the estate is not going to customers. Even generous math doesn't even top 75%.
2) The property issue is not a slam dunk just because of the ToS, for that I agree. However, as was said in court that this is “the most important issue in these cases” was never actually even ruled or presented for ruling in front of the Judge. So, a bit disingenuous to say it should have been decided it in front of the Judge but also be totally OK without that since your entry price on claims in this case is well below 100% of Petition Date value.
3) The biggest gaslighting in this case has come directly from the Debtors themselves who have patently misrepresented and withheld information in this case. A case without a Petition Date Balance Sheet after 18 months is simply as unacceptable as it is unprecedented. What would happen if https://t.co/kP8HDh55ha were actually solvent on 11/11/22 but every non-US entity (and thus non-US customers are stuck with a US venue)?

Tracing is also another gaslight in this case as the Debtors would in no world have to trace each token individually to every single customer creditor’s account. The Debtors themselves set up “silos” so the tracing issue needed to be as structurally simple as tracing of customer funds that went from FTX to Alameda, in aggregate (which would have been a lift in the case and not an overly simple exercise). The Debtors also already did this work anyway via SBF’s trial because all of Professor Easton’s work there was done hand in hand with the Debtor.

On 502(b) – if #2 above is an important issue that goes to the heart of 502(b). Property of the estate definitely has to be dollarized under 502(b), without question. But were all the coins, fiat, tokenized stocks, etc. that the Debtor now controls property of the estate? Celsius had a ruling on the ToS and some customers did have a property right to recover. Here, the Debtors avoided the issue, gaslit creditors, and had an Ad Hoc that traded away any rights to a property claim for solely fee reimbursement of a conflicted law firm. Also convenient that anyone who held a NFT on FTX actually gets their property back.

Even given the complexity, 502(c) could apply for “any right to payment arising from a right to an equitable remedy for breach of performance.” i.e. FTX breached its own contract, the ToS.

Further still, 502(g)(2) is another outlet as a claim for damages (in accordance with sec 562).

A separate remedy or Plan design could very easily have been a Constructive Trust to give creditors an ability to share in the “upside” value the estate now has as an appropriate equitable remedy. If the assets didn’t appreciate as much over time or appreciated greatly, customers would have/would still share in the value without being capped to recovery (and face a looming administrative/time delay to recover their lost property from a withholding tax in a country they have no ties to.

Of course, these are hypothetical legal arguments, which is the point. You or I or a Hentai Penguin in a Suit shouldn’t have to opine on whether 502(b) applies or not, Judge Dorsey should.

That in my opinion is a miscarriage of justice.

[_eren_ @godfallDAO]

@sunil_trades @theallinpod why isn't the Pod talking abt THIS?

[Sunil (FTX Creditor Champion) @sunil_trades]

FTX Terms of Service are unambiguous

Title to your Digital Assets shall at all times remain with the customer

SBF was sentenced to 25 years in prison for treating customers assets as his own

Sullivan and Cromwell similarly is ignoring customers property rights and using the estate as their personal piggybank $bns fees

I don’t see any difference

[Sunil (FTX Creditor Champion) @sunil_trades]

Just because FTX and Sullivan and Cromwell ignores FTX customers property rights doesn’t mean we don’t have them

Crypto customers are owed the current value of their holdings
NOT what they say they owe us at Nov-22 prices as unsecured creditors

Judge Kaplan, DOJ agreed with me at the SBF sentencing that customers own title to their assets

Worse is Sullivan and Cromwell aided and abetted SBF’s fraud

Ryne miller pushed SBF to file for bankruptcy in the US

Made S&C puppet John Ray CEO who engaged S&C

We will hold John Ray and S&C accountable

SBF also ignored customer’s property rights

[_eren_ @godfallDAO]

@theallinpod @X (5:00+) Factually untrue. FTX depositors/creditors are getting 20% value of today's btc/eth. Only trustees, their lawyers and SBF cronies are getting 100% from all the sales. SullCrom worked in bed with SBF and is profitting off the recoveries. @friedberg @chamath @sunil_trades

[_eren_ @godfallDAO]

@joshalehman @sunil_trades @sunil_trades love what you are doing. Pls can i suggest you also send @DavidSacks @Jason your data abt FTX ripping off FTX depositors/creditors by only valuing their btc/eth/coins at Nov 2022 levels though the "FTX shareholders" and lawyers are earning $Billions

[_eren_ @godfallDAO]

@theallinpod @X Love your pod but its absolutely untrue that FTX creditors will be 100% repaid bcos Sull Crom (who actually worked for SBF) pegged the value of btc/eth at rock bottom Nov 2022 (i.e 1/5 of what its worth today), post FTX blowup. FTX trustee lies. @Jason @sunil_trades @DavidSacks

[Sunil (FTX Creditor Champion) @sunil_trades]

DOJ has submitted further 52 Victim statements

Well done to everyone
Common thread

Sullivan Cromwell lies to CFTC
Sullivan Cromwell knew about Alameda backdoor
We are not whole at petition date prices (debtor lies)
Debtors ignoring property rights of customers
Petition date prices now law

[Sunil (FTX Creditor Champion) @sunil_trades]

Sullivan and Cromwell were legal counsel for the RICO - FTX - enterprise.

Legal counsel for FTX, Alameda, SBF, Nishad Singh - every entity.

[Crypto Notte @crypto_notte]

Extremely interesting research on all the dirt going on in the FTX bankruptcy carried out by Sullivan & Cromwell

A real story with evidences of lies, theft, bribery, manipulation, conflict of interest and how a law firm is stealing billions from people

https://t.co/UBQU6TKg7z

[Sunil (FTX Creditor Champion) @sunil_trades]

My conclusion to Judge Kaplan

FTX wants to pay back 25% of crypto while taking $ billions in fees, paying government fines

FTX customers did not lie to CFTC

We are the victims of SBF, FTX estate, Sullivan and Cromwell lies to CFTC

We should not be paying for their crimes
We should not be liable for government fines until our crypto holdings + fiat is paid back in full

[_eren_ @godfallDAO]

@CoinbaseSupport only happens EVERYtime BTC goes up...COIN is a hack

[_eren_ @godfallDAO]

@crypto_notte @Mrs_Twit_And_Co @ftxcoalition You could use what @SimonDixonTwitt has kindly shared in PDF for his celsius claim (below) as a base GDoc (changing the docket number and square bracketing the particulars)
https://t.co/1SLndRNSmP

[_eren_ @godfallDAO]

@ftxcoalition Suggesting coming up with a GDoc with literally the contents of the objection letter, so its easy for creditors to object. Will suggest one later today