Voting has begun on FTX’s bankruptcy plan negotiated with the court, and eligible users can participate in voting through the FTX bankruptcy claims website (https://claims.ftx.com/) of US bankruptcy treatment company Kroll. However, the voting content is extremely complicated, how should FTX users choose? The following is the research and compilation of Lian News. (Note: This case is based on Class 7A users, that is, those whose claim value is less than $50,000)
Warning: Since FTX does not have a simple and easy-to-understand explanation, this content is the result of Lianxin’s independent investigation and is for reference only. Please seek verification from multiple sources.
(About FTX’s voting qualifications: FTX’s debt will not be compensated? What does it mean to receive an Impaired Claim in the mailbox? Is there a chance that FTT will compensate?)
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 on 8/16 this year. The main purpose is to express whether you agree with FTX's bankruptcy. The team's plan submitted to the court. You can also see your categories on this page. (See definitions of different categories)
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).
3. Key voting option: 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, the Debtor may not seek compensation from 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 event.
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.
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.
4. Other Item summary descriptions
Item 2. Description of FTX’s acquisition of interests related to Singaporean company Quoine Pte.Ltd. (related to FTX Japan)
Item 3. Display the number of votes based on the amount of user debt
Item 4. Check the box to agree to the number of votes, subsidies and distribution amount regulated by FTX 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 Agree or Disagree
Item 8. Third-party release means that you agree to waive debt retroactively to some specific parties, such as: Bahamas JOL, FTX DM, ad hoc committees and their representatives acting in such capacities, official committees, supporting parties and those who accept the plan and have not Exit all debt holders, etc.
Item 9. Signature authorization
Item 10. Fill in relevant information
This article What is the purpose of FTX creditors’ vote on bankruptcy plan? How to vote for Kroll Voting? First appeared in Chain News ABMedia.
