Intl Celsius Creditors

Celsius' Creditors were never asked to vote for Chapter 7, or Chapter 11. Celsius filed with the BK Court on July 13th, 2022 for Chapter 11. True, that the Judge could have decided that Chapter 7 offers a better outcome for the Creditors, but he was convinced by Celsius' Lawyers that Chapter 11 offers long term better outcome and recovery for Creditors and especially for the Estate. And at the end of day, we've learned in the past two years - the hard way I would say - that the Judge and the US BK Code - at least Chapter 11 - have been designed to mainly protect the Bankrupt Debtor and not necessarily the Creditors. In my opinion it was nothing we could do to avoid the Chapter 11. However, I think that we should have done more to avoid the Mining.Co, as there were enough concerns and signs that Ionic Digital could be another scam to defraud us. But voting massively against the Plan as presented - with MiningCo - would have delayed even more than the two years the Distribution of whatever was left. And more delays meant more money burned for Lawyers and Legal expenses. After two years of Court proceedings, it was somehow too late already to reject the Plan due to the MiningCo suspected issues and concerns. Recovery in-kind dropped in the two years from ~70% in 2022 to only ~25% in 2024! No-one knows what would have happened if the Plan would not have been validated on Nov 9th, 2024 and the Plan would not have been confirmed and Chapter 11 would not have been closed on Jan 31st, 2025. Probably we would have got even less!