FTX debtors have objected to Genesis' June 1 Estimation Procedures Motion, which estimated their claims against Genesis to total '$0.00.'
Just a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing.in a New York Bankruptcy Court, the FTX debtors have raised an objection to Genesis’ estimation that they are entitled to claims totalling ‘$0.00’ – as stated by Genesis in an estimation procedures motion on June 1.
It was reiterated in the filing that the zero-dollar claim estimation, as outlined in the motion, was deemed “critical” by the Genesis debtors to prevent any delays, and promptly move forward with the “confirmation of a Chapter 11 plan.”FTX debtors refuted a statement made by Genesis debtors that they worked with “all parties” of interest to create a plan structure.
“The mediation is a waste of estate resources without the inclusion of the FTX Debtors and should not continue without the FTX Debtors’ involvement.”Genesis in a New York Bankruptcy Court, under bankruptcy laws which allow it to recoup “avoidable transfers” that occur in a 90-day period before a company declares bankruptcy.
It had reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors.
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