![]() ![]() And this filing is a visible sign of Genesis’s commitment to bringing recoveries to creditors as soon as possible. This is important because this notice starts the clock on approving a Plan, a necessary step towards permitting the distribution of assets to creditors. Notice of Hearings On June 7th, Genesis filed a notice stating its intention to file a Plan and Disclosure Statement. As a reminder, DCG remains in default after missing its obligations to pay the Genesis bankruptcy estate $630 million due on May 9th – 11th. The mediation remains focused on the contribution to be provided by Digital Currency Group, Inc. Judge Lane also approved Genesis’s request to extend the mediation period (originally scheduled to end on May 31st) to June 16th and denied requests by FTX / Alameda and Three Arrows Capital to participate in the mediation. Without real progress in the coming weeks, Gemini stands ready to exercise its available rights to advance alternative methods to distribute collateral to Earn users as promptly as possible and to undertake efforts to identify additional assets that may be made available for distribution to Earn users to minimize the ongoing harm to Earn users caused by the delays in the current proceeding. During the hearing, our counsel expressed confidence in the plan process and our determination to make real and immediate progress to bring this case to a resolution and expedite distributions to Earn users and other creditors as quickly as possible. ![]() This extension includes a provision for the Unsecured Creditors Committee’s (UCC), the Ad Hoc Group of Creditors (AHG), or Gemini to terminate in the event that Genesis stops cooperating on the further development or advancement of a Plan. June 5th Omnibus Hearing During the June 5th Omnibus Hearing, Judge Lane granted Genesis’s request for a 75-day extension to its period of exclusivity to propose an amended Plan of Reorganization (Plan). There are three important updates for Earn users this week:
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