❗️ Fortune: TerraForm Refuses to Pay SEC Fine
🗞 According to Fortune, Terraform Labs and its founder Do Kwon are not planning to pay the $4.47 billion fine imposed by the U.S. Securities and Exchange Commission (SEC).
🔍 Terraform Labs has gone bankrupt and has little money left, and it's unclear whether Kwon has the $204 million he owes according to the court ruling, or if he will ever appear in that jurisdiction.
🧐 It is noted that "the regulator may ultimately only get a portion of the fine, if it gets anything at all." In any case, Gary Gensler will be dancing in court, intending to issue a press release about the billions of dollars TerraForm "will pay."
🧑🏼⚖️ Meanwhile, today the court approved a settlement between Terraform Labs, Do Kwon, and the SEC. According to the agreement, Terraform will pay nearly $3.6 billion in restitution, $420 million in civil penalties, and about $467 million in prejudgment interest.
💰 Terraform must make the first payment no later than 30 days after the approval of the agreement.
🗓 Remember, on June 13, the SEC reached a settlement with TerraForm, obligating the company to pay a $4.47 billion fine.
😁 It seems that the SEC could have specified any amount for the fine, and TerraForm could have agreed to any amount, because a bankrupt company cannot pay more than the value of its "remaining" assets.
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