Intl Celsius Creditors

Ponzi scheme

That’s what ch11 is all about

It appears that whatever they did is a "legal thievery" and always they will blame us for one reason or another for their failure. More failures, more money for them. Unfortunately, nothing illegal within the current expensive and rotten system. It became obvious in the past two years, that the US BK Code, especially Chapter 11 was not design for Creditors' Protection, but for the relief of Debtors, fraudsters and their lawyers.

So why was everyone advised to vote for chapter 11?

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!

Thanks for such a comprehensive answer. I suppose we need to hope our shares will be worth something one day 🤞

Well said 👏

Think it was pretty much well known fact by the judiciary, just not for the victims. We only figured it out when going through the process and because many cases hit the dockets at the same time and we were following it all that it feels like it’s only become evident in the past 2 years. K&E and W&C have their blueprint and each move was according to a well defined playbook that does not infringe upon the BK11 framework. Just a rinse and repeat for each case and adjusting parameters to match the specifics and then play the same moves again and again. Maybe a bit of a learning curve for crypto and no case law, but just reading the dockets you can see a well rehearsed tango.

Finally I got 2 distribution claims by hyper wallet, thank you all your guys advice to me. Hope your guys be done soon.

Very good ❤️🙏🏻

Has anyone received a payment via bank transfer recently?

What is the update on Tether lawsuit?

SFA