Gemini legal team accuses DCG of 'clearing up' Genesis creditors

Lawyers representative Gemini Trust deposit A answer In bankruptcy court has Digital Currency Groups plan affirming has offer not guaranteed creditors A “70 to 90% recovery."

News Join We on social networks

Lawyers representative Gemini Trust to have pushed back against A plan propose by Digital Currency Band (DCG) For creditors of Genesis Worldwide.

In A Seven. 15 deposit In THE United States Bankruptcy Court For THE From South District of New York, THE legal team accused DCG of gas lighting Genesis creditors through "artificial, misleading, And inaccurate affirmations » In THE recovery plan. THE plan, deposit In bankruptcy court on Seven. 13, claims that not guaranteed creditors could to have A “70 to 90% recovery with A significant portion of THE recovery In digital coins » while Gemini Earn users could to wait for A "approximately 95-110%” recovery For their complaints.

According to has THE legal team, DCG was to attempt has "bait THE Gemini Lenders In accepting A agreement" that would be allow THE business has pay less that he allegedly of. Lawyers called on THE farm has "significantly improve THE terms of THE loans » provided has Genesis And not to use Genesis' bankruptcy procedure as blanket For justifications In THE recovery plan.

"HAS distract THE Genesis creditors Since THE inconvenient facts of It is facially inadequate And inequitable proposal, DCG touts propose recovery rates that are A total mirage — misleading has best And misleading has worse," said THE Seven. 15 deposit. "Do No error: Gemini Lenders will not In fact receive Nothing close In real value terms has THE propose recovery rates below THE current 'agreement In principle.’”