![]() ![]() The Winklevoss brothers blasted that maneuver as "a complete gimmick that did nothing to improve Genesis' immediate liquidity position or make its balance sheet solvent."Īs part of the recovery plan, that promissory note will be equitized, meaning it will be converted into something of substantive value, typically equity, CoinDesk reported. Additionally, DCG will provide a two-tranche debt facility, maturing in June 2024, with 11% interest on one tranche, and a 5% interest-paying bitcoin tranche, "roughly equal to around $500 million," a Genesis lawyer said.ĭCG will also issue convertible preferred stock to Genesis creditors.ĭCG also extended a $1.1 billion promissory note to Genesis after crypto hedge fund Three Arrows Capital collapsed. ![]() Genesis loaned over $500 million worth of cash and bitcoin to DCG, in part to fund founder Silbert's venture investments.ĭCG will also contribute to Genesis "all equity" in Genesis' trading subsidiary, which remained operational during the bankruptcy. ![]() The deal, cut between Genesis, DCG, Gemini, and Genesis' range of creditors, is largely predicated around a refinancing of Genesis' loans to DCG. The broader details of the restructuring plan were announced in Manhattan bankruptcy court. It demonstrates "Gemini's continued commitment to helping Earn users achieve a full recovery." "This plan is a critical step forward towards a substantial recovery of assets for all Genesis creditors," Gemini told its users in correspondence viewed by CNBC. The Winklevoss twins have publicly blamed Silbert's mismanagement of Genesis for issues with one of its own products called Earn, which promoted returns of up to 8% on customer deposits. Gemini, founded by Cameron and Tyler Winklevoss, had been engaged in a high-profile back-and-forth with Barry Silbert, who owns DCG. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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