Unchained Podscast: How the FTX Estate Is Socializing the Gains of One-Third of Creditors
Unchained invited Thomas on to discuss the new FTX Bankruptcy disclosure statement and what it means for customer creditors.
Time Stamps:
0:00 Introduction
01:41 The significance of the recently filed plan
03:40 Why full crypto-denominated compensation for creditors was unrealistic
08:26 Inter-creditor disputes since some assets have performed much better than others
10:07 The definition and impact of a "cramdown" in this scenario
12:19 Reasons the first draft of the bankruptcy plan came together so quickly
15:09 An outline of the plan, differentiating small from large creditors
17:07 What it means that the bankruptcy plan is to “waive all preferences”
18:23 Criticisms of the plan and if larger investors could receive more
22:53 Whether the FTX estate made mistakes in selling assets that are now at higher values
24:51 Why FTX chose not to reboot its platform
26:02 Potential conflicts with Sullivan & Cromwell
28:19 Tax implications for non-US taxpayer creditors
31:13 Method of claims distribution
33:02 Creditors' views on the proposal and the next steps in the case
