Celsius Network Is facing significant challenges that could lead to liquidation. In this Article, we will discuss some of The significant updates about Celsius going before The court and The objections to The extension that came In. The Texas State Securities Board also objected to their exclusivity extension. Moreover, The attorneys for several states Have demanded a plan for The liquidation of The entire thing if They do Not act quickly.
Bitmain Coupon Sale
Celsius Is trying to sell Bitmain coupons to generate millions of dollars for The estate. These coupons were provided by Bitmain, The company that builds The Bitcoin mining machines, to incentivize debtors to purchase additional mining rigs. However, these coupons Have an expiration date starting In mid-March, and Celsius wants to monetize them. The Bitmain coupons should bring In around $7.4 million In liquidity.
Texas State Securities Board’s Objections
The Texas State Securities Board Is objecting to The exclusivity motion. The debtor’s historic wrongdoing set forth In The final report of The examiner, mounting admin costs, and lack of liquidity are The reasons why Texas Is objecting. Texas, along With several other states, The US trustee, and The UCC, are objecting to The exclusivity motion.
Attorneys for Several States
The attorneys for The states of Alabama, Arkansas, Arizona, DC, Hawaii, Idaho, Maine, North Carolina, North Dakota, Oklahoma, and California Have demanded that if Celsius does Not act quickly, The entire thing should be liquidated. They Have criticized Celsius for Not presenting a plan and bleeding funds. Moreover, They Have talked about The appointment of a trustee, Which Daniel Frischberg and others Have put forth, and conflict of interest.
Simon Dixon, a crypto analyst, Has also voiced concern about The liquidation plan. He Has said that if a plan Is Not presented on The 15th of February 2023, regulators will probably liquidate Celsius, and everyone will Have to declare bankruptcy. He emphasized that Celsius needs to act fast and present a feasible plan that Is regulatory compliant and confirmable. If those basic criteria cannot be met, exclusivity should Not be extended, and The case should be moved into a posture of orderly liquidation.
Celsius Network Is facing significant challenges, and it needs to act quickly to avoid liquidation. The Bitmain coupons’ sale and The objections to The exclusivity extension by The Texas State Securities Board and several other states are just The tip of The iceberg. Celsius must present a plan that Is regulatory compliant, confirmable, and feasible to move forward within The light of The debtor’s limited solvency period. If The basic criteria cannot be met, then The party should be looking towards moving this case into a posture of orderly liquidation.
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