📌#FTT #FTX :
FTX's important creditor organization "Customer Ad Hoc Committee (CAHC)" has objected to the revised plan
1. Discharge clause: too vague and broad, and inappropriately grants the debtor the right to discharge, which does not comply with Section 1141(d)(3) of the Bankruptcy Code;
2. Not in line with the best interest test: The plan is considered to have failed the "best interest test" under Section 1129(a)(7) because it forces the sale of customers' digital assets, resulting in unnecessary taxes. And pointed out that physical distribution is more beneficial to creditors;
3. Outdated disclosure statement: The disclosure statement is described as outdated and incomplete, lacking major subsequent events including an agreement with the IRS;
4. Timing issues: There are problems with the proposed timetable for submitting the plan supplement, which may be submitted after the voting deadline, which may result in creditors lacking important information needed to make an informed decision;
5. Whether the assets belong to the estate: The disclosure statement does not address the issue of whether the assets distributed by the debtor's plan actually belong to the debtor's estate.
-In addition, UCC has not yet filed an objection
