📕 #FTT #FTX Detailed explanation of the new revision plan of DS:

The two documents, the plan and the statement, total 371 pages. There is too much content, so I compressed it into 6 key points that Chinese creditors are more concerned about:

1. Different types of creditors correspond to different claim priorities/ratios;

2. Future bankruptcy estate recovery information;

3. Distribution method and cancellation rules of compensation;

4. FTT claim value determination;

5. Clearly provide a "merger liquidation trust" for the sale of creditor accounts;

6. 30% withholding tax issue;

I will post the in-depth explanation of each content in this thread, which is very important for creditors:👇

1. Different types of creditors correspond to different claim priorities/ratios. This part is explained in more detail:

① The plan divides creditors into 28 categories, with a total of 18 claim priority levels. The claim rates of creditors at levels 1-8A are all above 100% (except 3B).

100% of the price on the bankruptcy filing date will be fully returned to the creditors, with an additional 9% annual time cost interest (calculated as 1 year if less than 1 year). According to the expected return time assessment, general creditor customers will receive at least 118% of the compensation ratio;

② Chinese creditors are basically 5A or 7A convenient users:

* If your claim amount is less than US$50,000, you will be classified as a "convenient customer". Within 60 days from the date the plan takes effect, you can receive a compensation ratio of about 118% including interest.

This is a quick one-time first-round distribution method, which allows about 98% of FTX small and medium-sized creditors to save the long multi-round distribution process in the later stage;

* If your claim amount is higher than US$50,000, you will need to face multiple rounds of recovery distribution (first round/2nd round/3rd round...), and the compensation ratio may rise to between 127%-142%;

Compared with the first two versions of the plan, it is slightly "fraudulent sincerity"

Because compared with the increase in the crypto market, the debtor wants to increase the meager interest by 18% in exchange for the creditors' vote, which is really...

But the ad hoc committee (CAHC) and the creditors committee (UCC) said: "I reject the plan"

. . . . The thread continues to be released👇