Genesis is facing headwinds as it seeks to finalize its wind-up after a January bankruptcy – and is now being accused by Gemini and other creditors of voter “manipulation.”
As bankruptcy plans must be voted on by creditors in proportion to their claims, creditors are effectively accusing Genesis of ballot-stuffing.
“[Genesis], by entering into the Proposed Settlement, have sought to buy the support of the FTX Debtors, and their votes,” said a Thursday filing by a set of creditors which calls itself the Fair Deal Group. “This is, of course, a perversion of the Chapter 11 process.” A spokesperson for Genesis did not immediately respond to CoinDesk’s request for comment. Genesis’ counsel has previously said the FTX deal will “A further “ad hoc” group of creditors said the bid by FTX to claw back loans from its “criminal enterprise” was “ unconscionable,” adding that FTX’s strategy in claiming billions against Genesis had been “no more than throwing spaghetti against the wall to see what sticks.
The ad hoc group has not revealed its membership, but has previously said its members are owed a total $2.4 billion by GGC, constituting a majority of each class of claims.
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