📌#FTT #FTX The revised "disclosure statement" plan submitted by the debtor was opposed by multiple creditors/institutions! (June 5 is the deadline for submitting objections)
It also includes regulatory agencies such as the "SEC" and the "New Jersey Securities Bureau". The main objections are summarized as follows:
1. The disclosure statement does not meet the requirements of Section 1125 of the Bankruptcy Law;
2. The disclosure statement is insufficient, which will prevent creditors from making wise judgments on the plan and require more information;
3. Asset ownership issues, whether the assets that are not clearly allocated in the plan truly belong to the debtor's property;
4. The assets are inconsistent with the debts, and the debtor has failed to prove that the return provided by this plan is not less than the return under Chapter 7 liquidation;
5. Many arrangements and timetables in the disclosure statement are unreasonable, and the timetable is required to be adjusted to ensure that all relevant parties have enough time to understand and respond to the specific content of the plan;
6. SEC:
* Dissatisfied with the mandatory opt-out clause in the plan, believing that it is unfair to retail investors and other claimants who are considered to have rejected the plan
(Claimen and shareholders who reject the plan (including retail holders of FTT) submit an opt-out form, otherwise they will be deemed to have agreed to give up their rights against non-debtors)
*SEC hopes to protect the rights of investors in FTX's bankruptcy proceedings and ensure that the plan and disclosure statements meet legal standards;
7. New Jersey Securities Bureau:
Reserves its rights in the process of confirming the plan and reserves the right to object to the handling of its claims. Defend and express opinions on these issues in the relevant procedures in the future;
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It seems that the hearing on the approval of the plan on June 25 will be another bloody storm!
