Celsius Network On The Mend? - Crypto News

This video is all about the Celsius Unsecured Creditors Committee and the facts presented to us so far. The notes I jotted down from the town hall meeting on twitter last night are below!Show more

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-Will be reconvening in 2 weeks
-The UCC is the committee of unsecured creditors. A committee of lawyers, bankers, and businessmen. All of these people are being paid by funds from the Celsius treasury. Very expensive.
-They told Alex Mashinsky to step down - he was forced to resign
-Working with celsius to find ways to cut costs as a business
-The UCC views the "account holders as the only creditors that matter"
-Potential sale, evaluating the mining business as a potential plan/reorganizing, bankruptcy case will still go forward regardless of all outcomes,
sales could be for very specific assets
-Repayments could potentially be in any type of value, including equity
-Looking at those that got out before the closure and evaluating if they owe the rest of customers some of their funds back, including those that went from earn to custody accounts
-Oct 7th next court date
-equity holders have sought to form another committee that would be paid for by the estate, meaning Celsius, which would mean less money for account holders
-The UCC has objected to this motion, saying that equity holders have the means to pay for their own legal and banking services
-The UCC is under NDA to talk about the mining business plan, including risk factors
-Kelvin plan - IOU's
-Working on streamlining the claims process, which is what will be needed to get paid back as a creditor
-Trying their best to maintain privacy
-Celsius has paused all loans and all liquidations have been halted
-ETH merge tokens could potentially be sold to pay back creditors
-The UCC has asked the court to not pay out the custody customers at this time until all assets can be accounted for and determined that everyone gets their fair share
-Alex is the largest equity shareholder, even though he's no longer the CEO
-Explain clawbacks - Plan C brought up great fact that CeFi would never be used again if clawbacks were implemented

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