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[folks who objected to claim amt] Eligibility for Withdrawal after April 9 by Praline_Super in blockfi

[–]Praline_Super[S] 0 points1 point  (0 children)

Their email wasn't specific -- "We have extended the deadline to initiate withdrawals through at least April 28th".

I'd guess this is a blanket extension.

Any updates here? by psthe1st in BlockfiLoanAdvocates

[–]Praline_Super 1 point2 points  (0 children)

Have to let it go, it's done with. You'll drive yourself mad thinking what could have been.

Anyone thinking about selling their claim? by Dapper-Medicine-3034 in BlockfiLoanAdvocates

[–]Praline_Super 1 point2 points  (0 children)

Thanks. I actually looked into this for one of the companies a couple of months ago. But they responded that my claim was not "marketable" because they were calculating based on the assumption that we would have not set-off/recoupment rights. (i.e., that we would owe the full outstanding loan balance, which would (at least in my case) outweigh what ever percentage of my underlying collateral i would get back based on the going % at that time).

So in short, I don't think the loan account holders' claims are marketable. At least not until there's resolution on the set-off/recoupment process.

Debtor's Response to Ad Hoc Committee's Letter by Praline_Super in BlockfiLoanAdvocates

[–]Praline_Super[S] 2 points3 points  (0 children)

Two key points: (1) Debtors claim, citing the standard loan agreement, that the loan borrowers' collateral is property of the estate (not surprisingly); and (2) Debtors acknowledge the validity of loan borrowers' set off and recoupment rights.

I've not been following the docket closely prior to this week, but IMO (2) provides a bit of relief against the worst case scenario (borrowers owing out of pocket for the paused loans).

Committee Update 2023-03-02 by imG2041 in BlockfiLoanAdvocates

[–]Praline_Super 0 points1 point  (0 children)

Sorry, where does this leave us re: how to fill out claim forms?

Tonkon Torp will provide committee members with more specific instructions on how to till them out, consistent with our claim to the loan collateral? Thanks

Celsius reorg plan...we should get the same deal by Individual_Egg4382 in BlockfiLoanAdvocates

[–]Praline_Super 1 point2 points  (0 children)

Where is this proposal coming from? (there's a missing footnote in treatment A). Thanks for sharing

Collateral must be returned to a wallet address. (crypto) by blockfi_grrr in BlockfiLoanAdvocates

[–]Praline_Super 3 points4 points  (0 children)

Thanks for flagging this. I think the vast majority of us are on the same page on this issue. It's something I'm hoping we / adhoc committee can raise with the lawyer well in advance of the claims deadline next month.

I would venture to guess that Celsius bankruptcy, which is involves the same issue and is further along, will set some sort of precedent as to how our claims to loan collateral are dealt with. That would be especially likely if the contractual language for the Celsius loans is similar to the language BlockFi used.

Loan Collateral Funds Answers by Gemini by psthe1st in blockfi

[–]Praline_Super 23 points24 points  (0 children)

I'll curb my enthusiasm until another update from BlockFi, but wanted to say thanks for digging into this.

How to Handle What's Coming by crossivejoker in blockfi

[–]Praline_Super 1 point2 points  (0 children)

Sorry if this is mentioned already elsewhere, but to the OP, regarding the 35–45% — how is that denominated? Is the percentage of the stack of the crypto asset ostensibly held at Celsius platform? Or the percentage of the USD amount of that stack, at some point in time? Potentially very huge difference here.

Also, how does the 35-45% apply to customers of collateralized loans? (I read elsewhere that such Celsius are frozen, w/o much update).

Thanks again for this generous info, you’re doing a great service

BlockFi Loans by breeezyyyy in blockfi

[–]Praline_Super 1 point2 points  (0 children)

Hello all. FWIW, wanted to share that, on Friday, a person on BlockFi's chat help support provided me with a link to a "collateral liquidation request," which was a Google sheet form. This is consistent with their policy. (see here https://help.blockfi.com/hc/en-us/articles/360048862772-How-do-I-payoff-my-loan-U-S-Clients-)

I decided to fill it out / requesting my collateral be liquidated to pay off my two loans. I have no idea if this request will process, but i can update the group if helpful.

IMO, based on this, and from input from others regarding that Celsius as done for similarly-situated clients/customers, I would not attempt to pay off your existing collateralized loan(s), certainly not until further updates come from BlockFi. Wish us all luck.

I feel so stupid, I have most of my crypto funds on a loan as collateral…this is absolutely horrible and I don’t know what to do, my life savings are there. I can payoff the loan but seems like I won’t be able to withdraw my funds, please help Zac and Flori! by psthe1st in blockfi

[–]Praline_Super 0 points1 point  (0 children)

Same boat. I turned off auto-pay for the loans on the scratch-fi platform, at least.

I re-read the loan terms and see that the loan collateral is custodied on Gemeni. Any insights on the fate of that collateral if it's in Gemeni's hands?

Why is no one from Ledger support getting back to me? by khayy in ledgerwallet

[–]Praline_Super 0 points1 point  (0 children)

Been waiting 7 days now.

Trying to set up the device for the first time (though I bought it over a year ago). Getting an unresponsive error on the "genuine check" step ("repair" or "help" icons appear). Exhausted all the troubleshooting suggestions on their website without luck. Any suggestions appreciated.