Genesis lenders call DCG agreement ‘wholly insufficient’
The agreement in-principle reached by DCG and creditors also said that the Ad Hoc Group and Gemini did not support the deal. The lenders of the bankrupt cryptocurrency lender Genesis are not satisfied with the latest in-principle settlement agreement with other parties including the Digital Currency Group (DCG). The Ad Hoc Group of Genesis Global Capital (GGC) lenders — represented by lawyers Brian Rosen and Jordan Sazant — on Aug. 29 responded to a public bankruptcy plan update, calling the reached in-principle agreement “wholly insufficient.” Posted hours before, the public update said that DCG reached an agreement in principle with Genesis’ unsecured creditors (UCC) and debtors, proposing USD equivalent recoveries of 70%–90%. The update stressed that neither the Ad Hoc Group nor the Gemini exchange supported the deal in principle described in the plan update. “Although the mediation has terminated, constructive discussions with the Ad Hoc Group and Gemini regarding the aforemen...