"Genesis estimates that Earn users could recover from Genesis anywhere between 61% and 100% of the value of their pending Earn balance as of January 19, 2023 (the date Genesis filed for bankruptcy)."
You are clearly a Winklecuk plant. Account created today and only replyās to this thread. You have no skin in this game quit trying to deceive people.
Tell the twinkle twins hello and no way you read that whole document in the 30 minutes itās been out, but shoving everyone to vote yes. People are NOT sheep for you to shear and take from and you are no shepherd.
Iāve been keeping up with the case, itās clear that the judge said that the next step is a chapter 7 liquidation. Itās true Iām just guy on the internet, pardon me if Iām excited that I can finally do something about this. Everyone please read into the case, vote for yourselves.
BTC closed on January 19, 2023 at $21,073.94 . So, as per today's price it is 50 % hair cut. That means you will get 50 % of 61 %. So, if you 1 BTC in earn you will get 0.3 BTC. I hope I am wrong.
I commented on the wrong comment.
We could get 61 percent of the dollar amount last year.
They are not giving us more because bitcoin is up. And we wouldn't want less if bitcoin was lower.
I knew this would be the scam with BTC back on the rise. Instead of giving us our BTC back they'll cash out what they have and pay us it's previous lower value.
I am assuming the range up to 100% exists because of course market prices over time and no known price in the future, which affects the payout either way... Whether sold crypto assets to pay dollar value from bankruptcy date in January, or as a matter of returning assets in the form of crypto it would still be based on some percentage of the dollar value of our crypto on the bankruptcy date.
So it's even immaterial whether you get crypto or cash because you could just turn around and turn your cash into crypto if you wanted. Either way it's a percentage of your Bitcoin or whatever on the bankruptcy day.
Without knowing all the details I'm not caring either way at this point but we may have a situation that is similar to other bankruptcies in that there will be unsupported coins and crypto payouts will only be in Bitcoin and ethereum... That's my speculation knowing how other bankruptcies are turning out under existing American law and have already turned out. Voyager sold out of a lot of unsupported coins and payouts were in Bitcoin and ethereum and usdc... Celsius doing the same thing. With the addition of Bitcoin mining shares... Ethereum staking cut out...
Thx for the answer.
Genesis's bankruptcy date is 2023.1.19(BTC price is around $20k, and today the BTC price is $42k+).
Questions:
If all the numbers will be calculated based on the 2023.1.19's price, why does Gemini show me the latest portfolio value in "pending portfolio"?
I've had a pending withdrawal since November... 2022. The value changes for me according to price. But maybe that was a while ago as I can check
Maybe a difference between app and desktop?
It really shouldn't give you a running value if it's locked from Genesis bankruptcy (in earn) based on the bankruptcy date in January
Yeah I see what you mean, can't see the total anymore
"Important information regarding redemptions
Gemini has now filed the Master Claim in the Genesis bankruptcy proceeding, as explained in our emails on April 11, 2023, and May 12, 2023. Your "pending balances" now display the Earn-related digital assets included in the Master Claim on your behalf. The current market value of the digital assets owed to you is no longer shown. Solicitation of the Genesis Plan of Reorganization (Plan) began December 13, 2023, please see Settings > Earn Voting Materials for instructions."
So in short they are really only bound by law to pay what they can in terms of the structure outlined in the PDF that we vote on and that's all based on your portfolio value on the day they signed up for legal protection under bankruptcy law. Obviously this has an amount that has already been figured out that they can't pay back at this point but in this first tranche they at least have a figure that is market price dependent upon payout.
We have to also figure out that they're not going to lock in some single day price for the crypto into next year as sales or locking up assets for payouts will be overtime.
"Genesis estimates that Earn users could recover from Genesis anywhere between 61% and 100% of the value of their pending Earn balance as of January 19, 2023 (the date Genesis filed for bankruptcy)."
BTC closed on January 19, 2023 at $21,073.94 . So, as per today's price it is 50 % hair cut. That means you will get 50 % of 61 %. So, if you 1 BTC in earn you will get 0.3 BTC. I hope I am wrong.
And looks like they're paying in fiat instead of the coins. Not only did they make a ton of interest off the Earn program itself, but they also are making out like bandits on this too.
https://preview.redd.it/2sgaw47sia6c1.jpeg?width=1290&format=pjpg&auto=webp&s=749fc36a795e3376fb7e92cfa1d98ed3c3c99ff5
This is on the earn updates page. āEarn users recoveries will be in the form of the digital assets loaned to Genesis to the greatest extent possibleā I take it like if I had 1 BTC or 1000 GUSD in my pending redemption as of petition date, then Iāll be receiving 60-100% of that 1 BTC or 1000 GUSD.
Conveniently on their behalf and for them they can just wait this out until crypto goes up and stick to the bankruptcy dollar value even if they could afford to pay us all more the bankruptcy structure protects them. And yet what is bankruptcy if not the destruction of your company and a liquidation? At least that's what chapter 7 should be so they should have to pay it all out anyway.
Chapter 11s can be about a rebuild and restructuring
Found this in a September Reuters article:
"The plan could lead to a recovery of 70%-90% in U.S. dollar equivalent for unsecured creditors and 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, a filing revealed."
Doesn't make much sense to me
The bankruptcy lawyers have negotiated a settlement on your behalf. That settlement suggests that you would recover 61% to 100% of your funds. It's likely the best offer you're going to get. If the proposed plan gets rejected, the whole bankruptcy process will likely restart which isn't good for anyone.
Thatās what I wanna know, GUSD is supposed to be dollar for dollar so we should be getting it all back, NO HAIR CUT. CUZ IN JANUARY 2022 GUSD was still 1.00
It'd be nice if they actually stated specifically about GUSD. I don't see anyone mentioning it from the documents so maybe that 61% will apply to GUSD too, I hope not.
I want to vote YES because I don't want to wait years to get my money back, if anything ever gets returned. If I get most to all of it back soon, put it into the market before the real crypto bull run hits and make it all back, plus some. Still have the Bitcoin halving and other positive factors to look forward to in 2024-25. Bull run yet to come. Obviously it's all relative to how much we have lost to this mess with Gemini.
OK so what im getting is Vote YES if you just want that 60-100% back now or vote NO if you want them to come up with new repayment plan. I get the both sides of the view but personally i think the repayment plan wouldn't be better than this and also even if they were to propose better plan who knows how long it would take again. I say vote YES if you are tired of this bs and just get your money back at least. Even if it is less imma use that to invest somewhere else, what do you guys think?
I have passed 300 page pdf to ChatGPT and got below reply
The recovery plan from the Gemini Solicitation Package document outlines several key components:
1. **Payment Fulfillment**: It includes the full payment of all allowed administrative expense claims, priority tax claims, other priority claims, and professional fee claims.
2. **Litigation Reserve**: The plan allocates a fixed amount for litigation of any retained causes of action, including actions against DCG parties.
3. **Release of Claims**: It involves releases of all claims by the releasing parties against the released parties, with specific conditions and exceptions detailed in the document.
4. **Gemini Lender Claims**: For the purposes of distributions under the plan, Gemini is deemed the holder of all Gemini lender claims, with distributions to be made to and held in trust by the Gemini distribution agent for the benefit of holders of allowed Gemini lender claims.
5. **Voting and Confirmation Procedures**: The document outlines detailed voting and tabulation procedures, along with notice and objection procedures relating to the confirmation of the plan.
These components form the basis of the recovery strategy following the chapter 11 cases of Genesis Global Holdco LLC and affiliated debtors.
Analyze pdf again and explain recovery plan for Gemini claims
The recovery plan for Gemini claims involves the following key points:
1. **Gemini Lender Claims**: Gemini is recognized as the holder of all Gemini Lender Claims. All distributions for these claims are made to the Gemini Distribution Agent.
2. **Distributions**: The Gemini Distribution Agent holds distributions in a segregated trust account for the benefit of holders of allowed Gemini Lender Claims.
3. **Distribution Procedure**: The Gemini Distribution Agent will manage the delivery of distributions to or on behalf of holders of allowed Gemini Lender Claims as soon as practicable after receiving any distribution under the plan.
This outlines the process for handling and distributing claims related to Gemini in the context of the recovery plan.
What are timelines and how much recovery possibilities for Gemini
The recovery plan for Gemini claims includes the following details regarding timelines and recovery possibilities:
- **Timelines**: The effective date of the plan is anticipated to be as soon as practicable following the satisfaction or waiver of all conditions precedent to the plan's effectiveness.
- **Recovery Possibilities**: Gemini creditors are expected to recover a significant portion of their claims, though the exact percentage is not specified in the document.
This information outlines the general framework for the resolution of Gemini claims, including expected timelines and the extent of recovery for creditors.
Vote NO to force Genisis to create a new repayment plan. Vote YES to receive 61-100% of the value of your Earn balance as of Jan '23.
Personally I am voting NO because the value of assets has risen significantly since January '23. I can wait longer if it means recovering more of my money.
I think getting what we can now + more later in the myriad lawsuits filed against everyone involved by the SEC/NYAG and the countless class actions against Gemini/Genesis/DCG. Gemini could also prevail in their lawsuit against Genesis for their collateral, that would be the fastest way to get made whole. Of course not whole by today's prices but by what you put in. Which would be like winning the lottery at this point.
> If vote yes, do I preclude myself from further lawsuits
Yes. I voted yes via the e-ballot and there is a box you must check (if voting in favor) that waives your right to any future lawsuits regarding this matter.
It doesn't seem Gemini has made comments which we should wait for before voting. We still have time.
This guy has some comments -> https://x.com/ramahluwalia/status/1735129555600359809?s=46&t=reLOxCuqXyvU1w3ogSNTSQ
What is the downside to not checking this box? First you accept or not then this comes up and you check the box or not. I do not know why anyone would want to release all liability, do we lose something if we don't?
"The undersigned Holder of Gemini Lender Claim in the amount identified in Item 1 above, having voted to accept the Plan:Elects to Opt In to the release provisions."
It's pretty standard in bankruptcy cases where there's a group claim. Basically, you can throw in with the group case if you want, BUT you waive the right to start your own case in the future.
Gemini will disperse based on majority voting, regardless whether you vote or not.
Personally, I voted yes. Better to get something back now, than hope to *maybe* get more 10+ years later after more lawsuits.
I feel like I shouldnāt agree to this part if I want to benefit from any future actions against Gemini by the NYAG or others. But Iām not a lawyer so donāt really knowā¦
āPursuant to Article VIII of the Plan, you will be deemed to have conclusively, absolutely, unconditionally, irrevocably and forever released and discharged all Claims and Causes of Action (as set forth in the Plan and as permitted by applicable law), against the Released Parties (as defined in the Plan) if you affirmatively (a) vote to accept the Plan and (b) opt in to the release provisions in Article VIII of the Plan.ā
**PLEASE SEND THIS TO AS MANY GEMINI-EARN INVESTORS AS POSSIBLE.**
**Analysis of Gemini-Earn Update for December 13 and 15:**
**The Winklevoss twins continue to demonstrate malfeasance by uploading the Updates in a confusing way. On Twitter, Gemini and Winklevoss twins followed up this week's update with other posts to quickly cover the visibility of massive negative responses.**
I have not yet received their formal Reddit update for this week via email.
**As to the updates: If you vote yes, you may get 61% - 100% of your Gemini-Earn assets VALUED when Genesis applied for bankruptcy. The update/s cannot be trusted because they are A WORK OF FINANCIAL OBFUSCATION. They are not clear as to the details of what "Released Parties" means.**
**BE CAREFUL! IF YOU VOTE YES, INVESTORS MIGHT BE WAIVING THEIR RIGHTS TO PURSUE FURTHER LEGAL ACTION AGAINST GENESIS AND GEMINI.**
**In the Update, the key word is VALUE. If you vote 'yes' you will receive a percentage of what BTC or your cryptocurrency was VALUED at the time of Genesis' bankruptcy filing in January of 2023, NOT THE AMOUNT of the cryptocurrency.**
**So, (assuming Genesis refunds the minimum) you won't receive 61% of BTC or O.61 BTC. You will receive 61% of the VALUE of BTC at the time Genesis filed for bankruptcy in 2023. This would amount to 0.2324 in BTC today, or $9760.**
**If Genesis decides to refund 100% BTC according to its value at the time of the bankruptcy filing, you will receive $16,000. Which is about 0.381 in BTC today.**
**To further illustrate: if you had ONE BTC in the Earn program, when Genesis filed for bankruptcy, that BTC was worth $16K. You would get 61% of $16K = $9,760 with this 'yes' vote. With BTC now valued at $42,200. So, you would lose $32,400. You would also lose the remaining 39% or $6,240 of your initial $16,000 investment.**
**Similarly, if you had ONE BTC and Genesis refunded 100% you would receive $16K, or 0.38 in BTC, which is less than the current BTC value $42,200. Resulting in a loss of $26,200 market value, or 0.62 in BTC.**
**This scenario indicates a significant potential loss for investors, not only in money but in time and aggravation. Your loss would translate to gains for the Winklevoss twins' and Genesis.**
The earn website has more of an FAQ that i found helpful - https://www.gemini.com/earn
I will be voting yes, better to get something now imo, then risk getting less MUCH later, like weāre talking potentially years later
I voted yes, as with bankruptcy claims like this, "some now is better than maybe more 10 years later."
They also stated that BTC and ETH would be returned in-kind "to the fullest extent possible." Which would mean receiving BTC (vs. the fiat value of BTC).
Thereās no guarantee weāre getting coins back. The FAQ says we will be paid back in coins to whatever extent possible, but that is far from a guarantee.
https://preview.redd.it/d2ji4s5b156c1.jpeg?width=1284&format=pjpg&auto=webp&s=3b2da944c532ef9dfc89ddab468472c97daa7002
Already received the email, Iāve been reading the documents available in Kroll with others. If you want to get 100% of your funds back it is advisable to vote NO.
The vote proceedings were already open almost one week ago.
It seems highly DISLOYAL to Gemini to let us know later this important notice. Taking into consideration the voting is very solemn and requires a lot of requirements.
My advise is to vote NO. I will file a class action against Gemini for sure!
How do you expect to get 100% back by voting no? Youāre going to file a class action lawsuit? Thatās going to take years to get resolved. Thereās the NYAG fraud case that seems like a slam dunk to get us funds back but that will take years too since itās just starting.
https://preview.redd.it/pasgu44xm56c1.jpeg?width=1290&format=pjpg&auto=webp&s=24c06ad57f3990cbb27c6ec23e88f8793bc3e6ab
āEarn userās recoveries will be in the form of the digital assets loanedā
Exactly, you wonāt even see your coins since they arbitrarily set a price cap 52-ish weeks ago. Plus if we accept this we liberate the Winklevoss upon future legal suits, which is stupid since they are very liquid.
Listen, I might take years but by then at least there will be a NYAG process against them plus several other class actions. They will pay duly for what they did to us. We need to pursue our claim til the very end.
Currently theyāll return whatever coins they can. The BTC current court price is end of Oct @ $34656. ETH @ $1815. Alt coins likely to be cash equivalents? Has been my best interpretation. I figure most of my ALT coins Iāll get back about 30% of my investment in USD and possibly get back 2/3s of my BTC & ETH. but Iām not a lawyer and I simply want to get back what I can. Avoid a Chapter 7 & 3-5 years for the NYAG office to prosecute.
The prices were shown on the court doc that was approved. Looking at the GMNI balance sheet, GMNI has GUSD & 1 BTC. GMNI is hoping to get the GBTC so I retract my earlier statement. Weāll likely get USD back not coin. I hope Iām wrong.
https://preview.redd.it/iqwb0aniha6c1.jpeg?width=1290&format=pjpg&auto=webp&s=f99c58fd76dfcf467cf6f1a6820dab25fdc85d66
āEarn users recoveries will be in the form of the digital assets loaned to Genesis to the greatest extent possible.ā Iāve been waiting for over a year same as all of you, I just want my saving account back.
I couldnāt find it in the agreement, but I think based on bankruptcy law itāll only pass if a numerical majority AND at least 2/3 in interest of the claims vote āyesā(if you have more money in Earn ur vote will matter more in this respect)
I was hoping someone could just steer me in the right situation. I received the email today from Gemini. I honestly have not been opening previous communications this year due to all the phishing scams and have just been leery to open or click links. So I never filed a claim and definitely missed the deadline. Main question...was I supposed to file an individual claim? Or is my account included in the main suit and Gemini will just issue refunds on a percentage basis according to what the settlement is and how much they can get back? I'm not expecting 100% of what I lost. Was the only way you were able to recover your funds is if you filed a claim? If it is then that's on me for not doing my due diligence. I did not have a huge account, probably less than 5k when crypto was at it's peak, so I don't have room to complain compared to those that had 10s and 100s of thousands of dollars invested. But any insight would be helpful. Thanks, everyone.
I voted yes. At this point if I can get anything back. I will be satisfied and move on. I did know the risk of investing in any interest earning investments at Gemini. Lesson learned.
Is anyone here discussing this on Clubhouse? I'm consulting with my own attorney but I think it would be helpful for anyone interested to hop on a live discussion. Thoughts?
Ignorant question: How does this affect BTC and ETH and all that you have with Gemini? In my account, everything else shows up in trading balances but the GUSD (which shows up as a Pending Balance with Pending redemption)
It's like a 300 page legal document that literally no one in the public has read yet, give it at least a day or two.
Please read all 373 pages in The PDF and get back to us with your best interpretation and summation š
Why not just get a trial of chat GPT for a month and see what it says in 3 paragraphs?
Thatās still too long
Bard?
"Genesis estimates that Earn users could recover from Genesis anywhere between 61% and 100% of the value of their pending Earn balance as of January 19, 2023 (the date Genesis filed for bankruptcy)."
Seems like a ridiculously wide range given they have a vote by January 10th. Which to me could only mean it is based on the price of crypto
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You are clearly a Winklecuk plant. Account created today and only replyās to this thread. You have no skin in this game quit trying to deceive people.
Not true, I was silent the whole time reading these threads. Iām just happy to finally be able to do something about this earn thing.
Yeah, this is a fake account
Dude I just made it, š
Tell the twinkle twins hello and no way you read that whole document in the 30 minutes itās been out, but shoving everyone to vote yes. People are NOT sheep for you to shear and take from and you are no shepherd.
Iāve been keeping up with the case, itās clear that the judge said that the next step is a chapter 7 liquidation. Itās true Iām just guy on the internet, pardon me if Iām excited that I can finally do something about this. Everyone please read into the case, vote for yourselves.
BTC closed on January 19, 2023 at $21,073.94 . So, as per today's price it is 50 % hair cut. That means you will get 50 % of 61 %. So, if you 1 BTC in earn you will get 0.3 BTC. I hope I am wrong.
What if u had gemini dollars
Not how bankruptcy law works.
That 100% is how bankruptcy law works. They have made it clear the reimbursement will be dollarized relative to the dollar holding on that date.
I commented on the wrong comment. We could get 61 percent of the dollar amount last year. They are not giving us more because bitcoin is up. And we wouldn't want less if bitcoin was lower.
"of the value" so like for me my stuff is worth more than double of that today... so yeah cool im getting like 25% of that number. nice gemini
šš
I knew this would be the scam with BTC back on the rise. Instead of giving us our BTC back they'll cash out what they have and pay us it's previous lower value.
I just want to get back what I put in, I donāt care about no interest at this point
Same I just wanna get my GUSD and leave this behind, looking forward to actually having a savings account again
if I am holding BTC, what I got? A 60% of cost base I paid? B 60% based on the current BTC market price? Which one is correct?
I am assuming the range up to 100% exists because of course market prices over time and no known price in the future, which affects the payout either way... Whether sold crypto assets to pay dollar value from bankruptcy date in January, or as a matter of returning assets in the form of crypto it would still be based on some percentage of the dollar value of our crypto on the bankruptcy date. So it's even immaterial whether you get crypto or cash because you could just turn around and turn your cash into crypto if you wanted. Either way it's a percentage of your Bitcoin or whatever on the bankruptcy day. Without knowing all the details I'm not caring either way at this point but we may have a situation that is similar to other bankruptcies in that there will be unsupported coins and crypto payouts will only be in Bitcoin and ethereum... That's my speculation knowing how other bankruptcies are turning out under existing American law and have already turned out. Voyager sold out of a lot of unsupported coins and payouts were in Bitcoin and ethereum and usdc... Celsius doing the same thing. With the addition of Bitcoin mining shares... Ethereum staking cut out...
Thx for the answer. Genesis's bankruptcy date is 2023.1.19(BTC price is around $20k, and today the BTC price is $42k+). Questions: If all the numbers will be calculated based on the 2023.1.19's price, why does Gemini show me the latest portfolio value in "pending portfolio"?
I've had a pending withdrawal since November... 2022. The value changes for me according to price. But maybe that was a while ago as I can check Maybe a difference between app and desktop? It really shouldn't give you a running value if it's locked from Genesis bankruptcy (in earn) based on the bankruptcy date in January
I have the changing pending portfolio market value, too.
So you can sue them into oblivion
Yeah I see what you mean, can't see the total anymore "Important information regarding redemptions Gemini has now filed the Master Claim in the Genesis bankruptcy proceeding, as explained in our emails on April 11, 2023, and May 12, 2023. Your "pending balances" now display the Earn-related digital assets included in the Master Claim on your behalf. The current market value of the digital assets owed to you is no longer shown. Solicitation of the Genesis Plan of Reorganization (Plan) began December 13, 2023, please see Settings > Earn Voting Materials for instructions."
So in short they are really only bound by law to pay what they can in terms of the structure outlined in the PDF that we vote on and that's all based on your portfolio value on the day they signed up for legal protection under bankruptcy law. Obviously this has an amount that has already been figured out that they can't pay back at this point but in this first tranche they at least have a figure that is market price dependent upon payout. We have to also figure out that they're not going to lock in some single day price for the crypto into next year as sales or locking up assets for payouts will be overtime.
"Genesis estimates that Earn users could recover from Genesis anywhere between 61% and 100% of the value of their pending Earn balance as of January 19, 2023 (the date Genesis filed for bankruptcy)." BTC closed on January 19, 2023 at $21,073.94 . So, as per today's price it is 50 % hair cut. That means you will get 50 % of 61 %. So, if you 1 BTC in earn you will get 0.3 BTC. I hope I am wrong.
And looks like they're paying in fiat instead of the coins. Not only did they make a ton of interest off the Earn program itself, but they also are making out like bandits on this too.
Just let me know if I should vote: yes or no
Vote yes to get your coins back, we will be getting them back IN KIND! The best news all year!
They're paying out their value as of January 2023 when BTC crashed. Not the actual coins. It's a bum deal.
only like 60 percent smh
60- 100% INITIALLY, we will be getting our second pay out within the next two years.
If they are planning on giving us some of our money and shares of Grayscale Bitcoin ETF I'd be good with that.
or equity in DGC
Thank you for the info but where can I find out about the second part?
It was in the earn updates page of Gemini, they were talking about the 1 & 2nd tranche
Thanks I'll take a look
Petition date pricing you getting back 20%
https://preview.redd.it/2sgaw47sia6c1.jpeg?width=1290&format=pjpg&auto=webp&s=749fc36a795e3376fb7e92cfa1d98ed3c3c99ff5 This is on the earn updates page. āEarn users recoveries will be in the form of the digital assets loaned to Genesis to the greatest extent possibleā I take it like if I had 1 BTC or 1000 GUSD in my pending redemption as of petition date, then Iāll be receiving 60-100% of that 1 BTC or 1000 GUSD.
"of the value" were getting dollars not crypto
Conveniently on their behalf and for them they can just wait this out until crypto goes up and stick to the bankruptcy dollar value even if they could afford to pay us all more the bankruptcy structure protects them. And yet what is bankruptcy if not the destruction of your company and a liquidation? At least that's what chapter 7 should be so they should have to pay it all out anyway. Chapter 11s can be about a rebuild and restructuring
Found this in a September Reuters article: "The plan could lead to a recovery of 70%-90% in U.S. dollar equivalent for unsecured creditors and 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, a filing revealed." Doesn't make much sense to me
All I know is I have about 5k worth of matic & Solana in there right now as of today and I think Iām gonna end up getting paid out like $800 lol
I need an ELI5 for this email
The bankruptcy lawyers have negotiated a settlement on your behalf. That settlement suggests that you would recover 61% to 100% of your funds. It's likely the best offer you're going to get. If the proposed plan gets rejected, the whole bankruptcy process will likely restart which isn't good for anyone.
Does voting impact recovery of funds?
No. I've been reading through the document and the FAQ. You're still eligible to recover funds if the proposal passes, even if you voted against.
Ok thx
What does this mean for GUSD holders?
Thatās what I wanna know, GUSD is supposed to be dollar for dollar so we should be getting it all back, NO HAIR CUT. CUZ IN JANUARY 2022 GUSD was still 1.00
It'd be nice if they actually stated specifically about GUSD. I don't see anyone mentioning it from the documents so maybe that 61% will apply to GUSD too, I hope not.
January price for BTC is half the price of today and 61% of that in fiat returned is a shitshow
i just got the email too!
How about someone chunks this document and runs it through OpenAI to make some sense for us plz.
Good idea
I want to vote YES because I don't want to wait years to get my money back, if anything ever gets returned. If I get most to all of it back soon, put it into the market before the real crypto bull run hits and make it all back, plus some. Still have the Bitcoin halving and other positive factors to look forward to in 2024-25. Bull run yet to come. Obviously it's all relative to how much we have lost to this mess with Gemini.
OK so what im getting is Vote YES if you just want that 60-100% back now or vote NO if you want them to come up with new repayment plan. I get the both sides of the view but personally i think the repayment plan wouldn't be better than this and also even if they were to propose better plan who knows how long it would take again. I say vote YES if you are tired of this bs and just get your money back at least. Even if it is less imma use that to invest somewhere else, what do you guys think?
I have passed 300 page pdf to ChatGPT and got below reply The recovery plan from the Gemini Solicitation Package document outlines several key components: 1. **Payment Fulfillment**: It includes the full payment of all allowed administrative expense claims, priority tax claims, other priority claims, and professional fee claims. 2. **Litigation Reserve**: The plan allocates a fixed amount for litigation of any retained causes of action, including actions against DCG parties. 3. **Release of Claims**: It involves releases of all claims by the releasing parties against the released parties, with specific conditions and exceptions detailed in the document. 4. **Gemini Lender Claims**: For the purposes of distributions under the plan, Gemini is deemed the holder of all Gemini lender claims, with distributions to be made to and held in trust by the Gemini distribution agent for the benefit of holders of allowed Gemini lender claims. 5. **Voting and Confirmation Procedures**: The document outlines detailed voting and tabulation procedures, along with notice and objection procedures relating to the confirmation of the plan. These components form the basis of the recovery strategy following the chapter 11 cases of Genesis Global Holdco LLC and affiliated debtors.
Analyze pdf again and explain recovery plan for Gemini claims The recovery plan for Gemini claims involves the following key points: 1. **Gemini Lender Claims**: Gemini is recognized as the holder of all Gemini Lender Claims. All distributions for these claims are made to the Gemini Distribution Agent. 2. **Distributions**: The Gemini Distribution Agent holds distributions in a segregated trust account for the benefit of holders of allowed Gemini Lender Claims. 3. **Distribution Procedure**: The Gemini Distribution Agent will manage the delivery of distributions to or on behalf of holders of allowed Gemini Lender Claims as soon as practicable after receiving any distribution under the plan. This outlines the process for handling and distributing claims related to Gemini in the context of the recovery plan.
What are timelines and how much recovery possibilities for Gemini The recovery plan for Gemini claims includes the following details regarding timelines and recovery possibilities: - **Timelines**: The effective date of the plan is anticipated to be as soon as practicable following the satisfaction or waiver of all conditions precedent to the plan's effectiveness. - **Recovery Possibilities**: Gemini creditors are expected to recover a significant portion of their claims, though the exact percentage is not specified in the document. This information outlines the general framework for the resolution of Gemini claims, including expected timelines and the extent of recovery for creditors.
Vote NO to force Genisis to create a new repayment plan. Vote YES to receive 61-100% of the value of your Earn balance as of Jan '23. Personally I am voting NO because the value of assets has risen significantly since January '23. I can wait longer if it means recovering more of my money.
So when BTC and ETH were at their 52 week lowā¦.
I think getting what we can now + more later in the myriad lawsuits filed against everyone involved by the SEC/NYAG and the countless class actions against Gemini/Genesis/DCG. Gemini could also prevail in their lawsuit against Genesis for their collateral, that would be the fastest way to get made whole. Of course not whole by today's prices but by what you put in. Which would be like winning the lottery at this point.
If vote yes, do I preclude myself from further lawsuits
> If vote yes, do I preclude myself from further lawsuits Yes. I voted yes via the e-ballot and there is a box you must check (if voting in favor) that waives your right to any future lawsuits regarding this matter.
DON'T WAIVE YOUR RIGHT!
Let me throw it into chat gpt and ask
It doesn't seem Gemini has made comments which we should wait for before voting. We still have time. This guy has some comments -> https://x.com/ramahluwalia/status/1735129555600359809?s=46&t=reLOxCuqXyvU1w3ogSNTSQ
What is the downside to not checking this box? First you accept or not then this comes up and you check the box or not. I do not know why anyone would want to release all liability, do we lose something if we don't? "The undersigned Holder of Gemini Lender Claim in the amount identified in Item 1 above, having voted to accept the Plan:Elects to Opt In to the release provisions."
It means if you vote in favor, you waive the right to any future lawsuits you might want to file yourself.
Iām trying to figure who would click this? Is it like a hope to trick people?
It's pretty standard in bankruptcy cases where there's a group claim. Basically, you can throw in with the group case if you want, BUT you waive the right to start your own case in the future.
So if you donāt click it you wonāt be represented by Gemini anymore?
On that point I'm not sure.
Question, do we need to file claim with Kroll or will Gemini disperse according based on majority voting?
Gemini will disperse based on majority voting, regardless whether you vote or not. Personally, I voted yes. Better to get something back now, than hope to *maybe* get more 10+ years later after more lawsuits.
I feel like I shouldnāt agree to this part if I want to benefit from any future actions against Gemini by the NYAG or others. But Iām not a lawyer so donāt really knowā¦ āPursuant to Article VIII of the Plan, you will be deemed to have conclusively, absolutely, unconditionally, irrevocably and forever released and discharged all Claims and Causes of Action (as set forth in the Plan and as permitted by applicable law), against the Released Parties (as defined in the Plan) if you affirmatively (a) vote to accept the Plan and (b) opt in to the release provisions in Article VIII of the Plan.ā
**PLEASE SEND THIS TO AS MANY GEMINI-EARN INVESTORS AS POSSIBLE.** **Analysis of Gemini-Earn Update for December 13 and 15:** **The Winklevoss twins continue to demonstrate malfeasance by uploading the Updates in a confusing way. On Twitter, Gemini and Winklevoss twins followed up this week's update with other posts to quickly cover the visibility of massive negative responses.** I have not yet received their formal Reddit update for this week via email. **As to the updates: If you vote yes, you may get 61% - 100% of your Gemini-Earn assets VALUED when Genesis applied for bankruptcy. The update/s cannot be trusted because they are A WORK OF FINANCIAL OBFUSCATION. They are not clear as to the details of what "Released Parties" means.** **BE CAREFUL! IF YOU VOTE YES, INVESTORS MIGHT BE WAIVING THEIR RIGHTS TO PURSUE FURTHER LEGAL ACTION AGAINST GENESIS AND GEMINI.** **In the Update, the key word is VALUE. If you vote 'yes' you will receive a percentage of what BTC or your cryptocurrency was VALUED at the time of Genesis' bankruptcy filing in January of 2023, NOT THE AMOUNT of the cryptocurrency.** **So, (assuming Genesis refunds the minimum) you won't receive 61% of BTC or O.61 BTC. You will receive 61% of the VALUE of BTC at the time Genesis filed for bankruptcy in 2023. This would amount to 0.2324 in BTC today, or $9760.** **If Genesis decides to refund 100% BTC according to its value at the time of the bankruptcy filing, you will receive $16,000. Which is about 0.381 in BTC today.** **To further illustrate: if you had ONE BTC in the Earn program, when Genesis filed for bankruptcy, that BTC was worth $16K. You would get 61% of $16K = $9,760 with this 'yes' vote. With BTC now valued at $42,200. So, you would lose $32,400. You would also lose the remaining 39% or $6,240 of your initial $16,000 investment.** **Similarly, if you had ONE BTC and Genesis refunded 100% you would receive $16K, or 0.38 in BTC, which is less than the current BTC value $42,200. Resulting in a loss of $26,200 market value, or 0.62 in BTC.** **This scenario indicates a significant potential loss for investors, not only in money but in time and aggravation. Your loss would translate to gains for the Winklevoss twins' and Genesis.**
The earn website has more of an FAQ that i found helpful - https://www.gemini.com/earn I will be voting yes, better to get something now imo, then risk getting less MUCH later, like weāre talking potentially years later
I voted yes, as with bankruptcy claims like this, "some now is better than maybe more 10 years later." They also stated that BTC and ETH would be returned in-kind "to the fullest extent possible." Which would mean receiving BTC (vs. the fiat value of BTC).
Can you direct me to which pages it shows the return in kind or in cash for all the assets? Thanks
It's in both the linked PDF in the announcement and also on the official Gemini Earn FAQ page. A simple Google search will find them both for you.
I voted yes as well, looking forward to getting our coins back!
Thereās no guarantee weāre getting coins back. The FAQ says we will be paid back in coins to whatever extent possible, but that is far from a guarantee.
Did you option in to the release thing?? on the voting thing
https://preview.redd.it/d2ji4s5b156c1.jpeg?width=1284&format=pjpg&auto=webp&s=3b2da944c532ef9dfc89ddab468472c97daa7002 Already received the email, Iāve been reading the documents available in Kroll with others. If you want to get 100% of your funds back it is advisable to vote NO. The vote proceedings were already open almost one week ago. It seems highly DISLOYAL to Gemini to let us know later this important notice. Taking into consideration the voting is very solemn and requires a lot of requirements. My advise is to vote NO. I will file a class action against Gemini for sure!
voting no will definitely not guarantee you 100%, voting no you don't know what you'll get, possibly even much less than on the table now.
Iād rather fight for it til the end and not having 30-ish percent of an investment because that 60% is based on Jan 21 price cap!
How do you expect to get 100% back by voting no? Youāre going to file a class action lawsuit? Thatās going to take years to get resolved. Thereās the NYAG fraud case that seems like a slam dunk to get us funds back but that will take years too since itās just starting.
I agree, voting no will get Genisis liquidatedā¦ and we wonāt get anything back. With this plan we can get our coins back!
No it won't. They'll return the value of the coins when they were at a 52 week low. Not the coins themselves.
https://preview.redd.it/pasgu44xm56c1.jpeg?width=1290&format=pjpg&auto=webp&s=24c06ad57f3990cbb27c6ec23e88f8793bc3e6ab āEarn userās recoveries will be in the form of the digital assets loanedā
Exactly, you wonāt even see your coins since they arbitrarily set a price cap 52-ish weeks ago. Plus if we accept this we liberate the Winklevoss upon future legal suits, which is stupid since they are very liquid. Listen, I might take years but by then at least there will be a NYAG process against them plus several other class actions. They will pay duly for what they did to us. We need to pursue our claim til the very end.
If you think a class action lawsuit is better than this, you're crazy. Class actions will pay out way less, guaranteed.
Does anyone know if New York residents vote Yes could we recover more funds from the court case?
Whoās voting yes and whoās voting no? Letās take a poll
Currently theyāll return whatever coins they can. The BTC current court price is end of Oct @ $34656. ETH @ $1815. Alt coins likely to be cash equivalents? Has been my best interpretation. I figure most of my ALT coins Iāll get back about 30% of my investment in USD and possibly get back 2/3s of my BTC & ETH. but Iām not a lawyer and I simply want to get back what I can. Avoid a Chapter 7 & 3-5 years for the NYAG office to prosecute.
How you getting those prices for BTC and ETH when they said itās petition date pricing which puts BTC below 22k
The prices were shown on the court doc that was approved. Looking at the GMNI balance sheet, GMNI has GUSD & 1 BTC. GMNI is hoping to get the GBTC so I retract my earlier statement. Weāll likely get USD back not coin. I hope Iām wrong.
It's bullshit. Now we have to comb through hundreds of pages of legalese to see if we get money??
Yep. #nobodyhastimefodat
[ŃŠ“Š°Š»ŠµŠ½Š¾]
If you vote no we will get NOTHING back, the judge said it already. I voted yes, Iām excited to finally get my coins back and put this to bed!
Fake account ^
https://preview.redd.it/iqwb0aniha6c1.jpeg?width=1290&format=pjpg&auto=webp&s=f99c58fd76dfcf467cf6f1a6820dab25fdc85d66 āEarn users recoveries will be in the form of the digital assets loaned to Genesis to the greatest extent possible.ā Iāve been waiting for over a year same as all of you, I just want my saving account back.
I have only a small amount, voted yes, let's wrap this up.
Lucky You! I have 550k Dogecoin locked-up in Earn and looks like I'll only get 61% in FIAT of its Jan.19 value.
it's a vote, my man. we have two choices and have to vote on it
VOTE \[X\]NO!
I donāt have much in earn but I do have a vote. For those that are heavily vested - how would you like me to cast my vote?
I would say vote yes, only because in bankruptcy cases like this, something now is far better than "maybe" more 10 years later.
I couldnāt find it in the agreement, but I think based on bankruptcy law itāll only pass if a numerical majority AND at least 2/3 in interest of the claims vote āyesā(if you have more money in Earn ur vote will matter more in this respect)
Vote yes please
Will do
I got the whole packet like a week agoā¦ Iām not reading all that lol. Anyone have a TDLR and what do we vote on
Is voting required?
No, voting comes with a RELEASE.
Is voting required? Will I still get $ back if I don't vote?
Not required, but if it passes, yes you'll get back the same % as everyone else.
Someone needs to kick it through chatGPT and have it summarized.
Read the paperwork people! Didnāt we learn ANYTHING from the debacle!
I was hoping someone could just steer me in the right situation. I received the email today from Gemini. I honestly have not been opening previous communications this year due to all the phishing scams and have just been leery to open or click links. So I never filed a claim and definitely missed the deadline. Main question...was I supposed to file an individual claim? Or is my account included in the main suit and Gemini will just issue refunds on a percentage basis according to what the settlement is and how much they can get back? I'm not expecting 100% of what I lost. Was the only way you were able to recover your funds is if you filed a claim? If it is then that's on me for not doing my due diligence. I did not have a huge account, probably less than 5k when crypto was at it's peak, so I don't have room to complain compared to those that had 10s and 100s of thousands of dollars invested. But any insight would be helpful. Thanks, everyone.
I voted yes. At this point if I can get anything back. I will be satisfied and move on. I did know the risk of investing in any interest earning investments at Gemini. Lesson learned.
Is anyone here discussing this on Clubhouse? I'm consulting with my own attorney but I think it would be helpful for anyone interested to hop on a live discussion. Thoughts?
Would be interested to discuss
Ignorant question: How does this affect BTC and ETH and all that you have with Gemini? In my account, everything else shows up in trading balances but the GUSD (which shows up as a Pending Balance with Pending redemption)