📌#FTT #FTX Advance notice of important hearings:

The Delaware Bankruptcy Court will hold an FTX hearing at 10 pm (Beijing time) on June 25 to issue an order approving the "disclosure statement" plan submitted by the debtor and formulate a creditor voting procedure:

1/ Approve the package bidding plan;

2/ Approve the form of the ballot;

3/ Determine the voting, bidding and tabulation methods;

4/ Formulate notification and objection procedures for confirmation plans;

Once approved, FTX will officially start the last crucial "creditor voting procedure" of the Chapter 11 procedure. The court will set a timetable, and creditors will complete the voting within 20-30 days of the voting deadline to decide whether to pass this plan.

If the vote fails, as disclosed in the previous statement, it is possible to switch to Chapter 7 bankruptcy liquidation.

One thing is certain, the debtor has no chance to modify this plan again, because the deadline for the bankruptcy plan formulated on the petition date is the end of June in the second quarter of 2024.

Is the plan likely to be passed?

For the plan to be passed, more than half of the creditors must vote, and the amount represented must exceed 2/3 of the total amount of claims.

Even though the two major creditor organizations, UCC and CAHC, are currently opposed, they have also seen the corruption methods of debtors behind the scenes. After all, this is the largest crypto bankruptcy case in history, and the interests and conflicts involved are too deep (extreme).

Only if it is passed can everyone be happy, otherwise the liquidation will be a mess!

- $FTT