FTX outlines proposed restructuring plan, classifying claimants and factoring in a potential reboot of an offshore exchange.
on July 31 include a draft plan of reorganization that outlines the company’s intended path to settle an “exceptionally large and complicated collection of claims”.
The global settlement will involve the valuation of claims in U.S. dollars on a yet to be Bankruptcy Court-approved valuation methodology prepared by FTX, including disputes over assets held on FTX.com and FTX US exchanges.FTX plans to identify three primary recovery pools that will correspond with segregated assets attributable to FTX.com customers, FTX US customers and assets that the company contends are not attributable to the two defunct exchange arms.
The document features recognition of special “shortfall” claims by the two FTX exchange organizations against this third pool of general assets. This is intended to “compensate” the exchanges for the unauthorized borrowing and misappropriation of assets that former CEO Sam Bankman-Fried and his close associates are accused of carrying out.
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