Genesis seeks court's approval to reduce 3AC claim from $1B to $33M
Bankrupt lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund 3AC. Bankrupt cryptocurrency lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund Three Arrows Capital (3AC). According to a court filing on Nov. 9, Genesis argued that the 3AC debtor should receive an allowed general unsecured claim against Genesis in the amount of $33 million. The amount accounts for 3.3% of $1 billion in claim s originally asserted against Genesis debtors. “Agreement provides that the 3AC debtor shall receive an allowed general unsecured claim against GGC in the amount of $33 million in full and complete satisfaction of the more than $1 billion dollars in claims asserted against each of the Genesis debtors,” the document reads. According to Genesis, 3AC’s $1 billion claim s against Genesis were the largest asserted claim s in Chapter 11 cases associated with the collapse of the ...
