A bankruptcy judge approved a settlement between Core_Scientific and its exclusive energy negotiator that involves the transfer of over $20 million worth of equipment. egreechee reports
a settlement with the bitcoin miner's exclusive energy contract negotiator under which Core Scientific will transfer more than $20 million worth of electrical equipment to the supplier.
However, as of May 2022, after"it became clear that the [two west Texas] facilities would not receive the anticipated power load," Core Scientific stopped making various payments to Priority Power Management, Bros said. Neither firm immediately replied to CoinDesk's request for comment as to why the power was not delivered.in October 2022 as it was running low on cash. In December, it filed for Chapter 11 bankruptcy protection.
Technically, the deal will see Priority Power Management"get an allowed secured claim for $20.8 million, which is going to be deemed paid in full by the transfer of all the debtors' interest in the equipment," said federal Judge David Jones of the Southern District of Texas at a Monday hearing. Secured claims take priority over other types of claims in a bankruptcy.
Under the deal, the consulting firm will loosen its exclusivity in procuring power agreements for Core Scientific, but keep $514,000 it earned by power curtailment for the miner. Core Scientific will also reimburse $85,000 of legal and out-of-pocket expenses to the consulting firm.
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