Genesis Bankruptcy Plan Faces Criticism As DCG Alleges ‘Overpayment’ Of Customer Claims
Summary
Digital Currency Group (DCG) objects to Genesis Capital's bankruptcy plan, claiming it violates the Bankruptcy Code by favoring certain creditors and stripping DCG of economic and governance rights. DCG argues that the proposed plan exceeds the full value of creditors' claims, violates distribution rules, and provides preferential treatment to unsecured creditors. DCG alleges a clandestine process in developing the plan and asserts that it disenfranchises equity interests. DCG demands the court reject the plan and seek a fair resolution adhering to the Bankruptcy Code.
