TL;DR
FTX voting purpose: (1) Whether to abandon the US procedure and choose the Bahamas procedure; (2) Survey of creditors’ opinions, a majority vote of 2/3 of the voting amount, to decide whether to accept convenience claims and obtain compensation faster (even if more than 2/3 of each category votes With a negative vote, the court can still implement the plan).
FTX voting deadline: 4:00 a.m. on 8/17 Taiwan time (4:00 p.m. on 8/16 US Eastern time)
What will happen if you don’t vote: you won’t be able to express your opinion, but your claims will not be affected (provided that the bid for the US or Bahamas proceedings has been confirmed)
Source: Lian News
1. Log in to the FTX claim website to see Voting
If you have successfully submitted the information on Kroll's website and passed all verifications, you will see the sixth step: Voting. This voting will end at 4 a.m. on 8/17 Taiwan time this year. The main purpose is to express Do you agree with the plan submitted to the court by the FTX bankruptcy team? You can also see your plan category on this page. (For definitions of different project categories, see e.g. 5A, 7A)
Source: Lian News
2. FTX holds multiple assets and may have multiple voting rights categories
After entering Kroll to vote, users will see their Plan Class. In this picture, for example, the user is qualified for both Class 7a and Class 13-18, and the voting rights of the two classes will be different. This article uses Category 7a users as an explanation. Please click "Click here to submit your ballot for this Plan Class" (Click here to submit your vote).
Source: Lian News
3. Key voting options Item 1.: Do you want to give up the United States and choose the Bahamas claim?
Pursuant to the agreement reached between the Debtor and FTX Bahamas on January 24, 2024, once the Debtor chooses to pursue a claim against FTX Bahamas, it may not seek compensation from the Debtor in the U.S. Bankruptcy Court, and this decision is irreversible.
In the Item 1. section, you can make this important decision here. If you "want to participate in the US project and do not want to participate in the Bahamas claim", please "do not" check the option of Item 1., or simply do not participate in this voting activities.
In addition, if you "choose to participate in the Bahamas claim and give up the US claim", you do not need to fill in the answers for other items.
Source: Lian News
Taking 7A users as an example, if you "check" the following box, it means "agreeing to abandon the US project" and planning to claim compensation from the Bahamas. However, be careful. If you decide to file a claim in the Bahamas, please make sure you have submitted a claim application to https://digitalmarketsclaim.pwc.com (the Bahamas claims website operated by PWC) before 8/16 to avoid losing your rights.
Source: Lian News
4. Convenience Claim Options and Results (Convenience Claim)
What is a Convenience Claim? Helps creditors with debts less than $50,000 to receive compensation quickly
Facilitating claims in "cash" with interest (which may be a check or stablecoin) will be paid within 60 days of the effective date of the claim, or as otherwise determined by the court. (For category 7A, please refer to Item 6 instructions)
It should be noted that convenient claims are more suitable for category 7A and 7B users whose debt is equal to or less than US$50,000; if the debt is "greater than" US$50,000 for category 5A and 5B users, they can get it faster if they "choose to agree to this plan" to an amount equal to or less than $50,000.
However, users in the 5A and 5B categories do not need to worry too much, because the voting in each category is a majority vote, unless the majority is willing to sacrifice money in exchange for time, so it is unlikely to be damaged; and the voting results are only for reference, the court still Have the right to make planning decisions.
Source: Chain News Item 7. Choose to agree or disagree with the FTX allocation amount and the convenient claim plan
"Vote on Plan" What will happen if you don't vote?
No, the instructions in Item 7. say "If you do not indicate your acceptance or rejection of the plan by checking the box below, your vote will not be counted in the accommodation claim." Simply put, you are Opinions are not expressed in your project category, leaving it to other users and the courts to determine the outcome.
5. Other Item summary descriptions
Item 2. Description of FTX’s acquisition of the interests related to the Singaporean company Quoine Pte.Ltd. (related to FTX Japan). If a claim is made against Quoine, the decision of the Singapore court may determine whether its voting opinions are included.
Item 3. Display the "number of votes available" calculated based on the user's debt amount
Item 4. ★Check the box to agree to the number of votes, subsidies and distribution amounts that FTX regulates for you.
Item 5. Reminder to read Appendix A (Annex A)
Item 6. Agree to the amount and payment terms for your category
Item 7. ★Check to agree or object to the "allocation amount" and "facilitated claims" plan
Item 8. Third-party release means the release of debt retroactively to some specific parties, such as: Bahamas JOL, FTX DM, ad hoc committees and their representatives acting in such capacities, etc. To put it simply, it means whether you want to give up your right of legal recourse against some units undergoing bankruptcy and reorganization. ★Checking means "disagree" to third-party release
Item 9. Signature authorization
Item 10. Fill in relevant information
Source: Chain News Item 4. Agree with FTX’s statistics on the number of votes and claims amount
Picture source: Lian News Item 8. Checking the box means exiting third-party release
Irresponsible suggestions from those who are too lazy to read.
Since the FTX assets acquired in the Bahamas account for a small number, and most of them are local properties, the ability to compensate is expected to be limited; therefore, it is not recommended to give up the U.S. proceedings easily.
Unless you are the following types of FTX users, you should consider filing a claim in the Bahamas.
Missed the US claim process, did not conduct KYC within the deadline, etc., and can only choose to claim in the Bahamas
Most of the assets in the account are $FTT tokens that the United States has confirmed will not compensate
The above is for reference only, not absolute, please choose carefully.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: Lian News
