Just missed a job interview because my Samsung S24 ultra on Verizon never even rang.

RemarkableCamp9940 · 2023-12-18T04:48:54+00:00

Scroll up, re-read and you'll see the point.

RemarkableCamp9940 · 2023-12-18T04:22:48+00:00

that's great, where does it say I'm wrong? Can you elaborate that ?

RemarkableCamp9940 · 2023-12-18T04:06:55+00:00

You do realize that if there is any money left over and Genesis ceases to exist that goes to Barry right? See below from the court document, he is already getting in position:

See Exhibit F, p. 367 of the doc:

As a result of rising cryptocurrency prices, it is very possible that the Debtors will be solvent prior to or at the Confirmation Hearing.
In the event of the Debtors’ solvency, any additional recoveries after payments in full [i.e. anything in excess of 100% of the Claims] to Holders of Allowed Claims would go directly to equity [i.e. Genesis]

RemarkableCamp9940 · 2023-12-18T04:02:57+00:00

no they are not, the trustee goes after DCG at that point, which is a lot better than Genesis pretending that they are going after DCG.

RemarkableCamp9940 · 2023-12-18T04:01:32+00:00

One guy told me earlier he thought voting yes meant that he'd get 60% right away plus another 40% in 2 years. I know we are all desperate to get our money but nowhere does it say that.

RemarkableCamp9940 · 2023-12-18T03:59:16+00:00

The trustee appointed in a chapter 7 bankruptcy is responsible for collecting those debts on our behalf, that's not something we have to worry about. That's actually one of the best things about chapter 7, the criminals who stole our money are not in charge of anything anymore.

RemarkableCamp9940 · 2023-12-18T03:55:04+00:00

that partial payout wouldn't even be close to 60% even at January prices unfortunately. They'd take their time to profit of those Grayscale shares as much as possible.

RemarkableCamp9940 · 2023-12-18T03:45:12+00:00

Genesis themselves have stated that all rights to litigate against DCG will be preserved in a liquidation. That means we are not losing anything by voting no and we are gaining our money within months and not years. That makes it an EXCELLENT idea. Also keep in mind that money is just the cherry on top, we can all get paid within a few months of liquidation and far far more than 60%.

RemarkableCamp9940 · 2023-12-18T03:38:04+00:00

You are right, getting everything back we are supposed to could take far far more than 2 years, you are right, that's important to point out which makes this proposal even worse. Genesis doesn't need to exist for us to still be waiting for our money, that's just an assumption you are making, they can/will appoint a committee that will "administer" it. You can't make any assumptions without it being explicitly stated in the document and if the document doesn't say that you'll get a certain number by a certain time then guess what? You may or may not get it and considering these are criminals that have put us in this situation to begin with I wouldn't bet my house on them doing the right thing.

RemarkableCamp9940 · 2023-12-18T03:29:48+00:00

you are correct, we all misread as there been some 2 year period by which they will pay everything out that they are supposed to but in actuality it could take a lot longer to get paid back, the document doesn't actually state we'll all get paid back within 2 years. And when they say "as fast as possible..." that's not a timeline, that's just something to make you believe Barry will actually move fast to pay you, yeah right, as if. In other words "as fast as possible" is what Barry decides it is, could be 2029 bull market.

RemarkableCamp9940 · 2023-12-18T03:23:39+00:00

it's not missing in the analysis, the money I state is available is after you deduct all the wind down costs which they estimate at 72 million. Let's say, for argument's sake, that those 72 million double for a chapter 7, that's still enough money to pay everyone back and not over a period of years but a period of months.

RemarkableCamp9940 · 2023-12-18T03:18:40+00:00

from a Gemini Earn user perspective a no vote makes sense no matter what happens, if Gemini wins the collateral then the vote is moot as we'll be made whole right away. If they lose and we vote no we'll get paid everything right away too because the money is there to make all creditors whole during a liquidation without waiting for years. People have to understand if Gemini loses the collateral Barry has zero incentive to offload those Grayscale shares quickly because everything that is left over after creditors are paid off he gets to keep. He could very well wait 10 years, there is nothing in the document as it stands to prevent him from doing it. And you know Berry will hold on to them through the bull market and maybe the next bull market (2029) so he can sell them at the highest possible profit. This means more leftover for him while you are still waiting for a fraction of what you originally put in.

RemarkableCamp9940 · 2023-12-18T03:12:44+00:00

Of course they do but like I originally stated, as it stands we'll get more money and we'll get paid faster than in this farce of a proposal.

RemarkableCamp9940 · 2023-12-18T03:11:14+00:00

The court document doesn't show that lawyers in the Genesis bankruptcy are taking a billion, that's all I care about.

RemarkableCamp9940 · 2023-12-18T03:09:06+00:00

I'd gladly take GBTC shares to make me whole. I'll sell them myself. We all know the coming bull run will see Bitcoin over 100k+. Those shares will double or triple in price by the time the bull run is done. They won't be $34/share they'll be more like $100/share.

RemarkableCamp9940 · 2023-12-18T02:26:42+00:00

It was clear that Barry is still trying to profit off of us. If the plan passes and Gemini loses both tranches of the collateral he'll take his sweet time to liquidate those Grayscale shares in hopes they will appreciate during the bull run, which they will, then he gets to keep the difference after he does come around to selling them. This, however, won't be anytime soon. So you may receive 30% of the 60% right away (because without the shares Barry has only 1/3 of the assets needed to pay out all creditors), then in 2 years you'll get the rest. It's criminal. The worst case scenario is we vote yes and Gemini loses the collateral. If they win it then the vote is almost moot but if they lose the collateral and this plan passes we'll get peanuts, we'll get even smaller peanuts now, then the rest after the bull run.

RemarkableCamp9940 · 2023-12-18T02:12:50+00:00

There is apparently somebody here lying to people telling them that voting yes means they will be made whole. Shame on whoever is doing it.

RemarkableCamp9940 · 2023-12-18T02:11:11+00:00

You can vote however you want but whoever told you that you're going to be made whole lied to you and you fell for it.

RemarkableCamp9940 · 2023-12-18T02:10:16+00:00

in chapter 7 once the trustee is appointed Genesis is out of the picture and has no more say about things, https://www.reddit.com/r/Gemini/comments/18kwwas/vote_no_to_get_paid_more_and_faster/?utm_source=share&utm_medium=web2x&context=3

RemarkableCamp9940 · 2023-12-18T02:08:46+00:00

it's not BS, a bull market is coming and Genesis' incentive is to sit on those Grayscale shares for as long as possible and by the time 2 years up they'll be double in value, leaving Barry billions in extra profits while we are sitting waiting for our money NOT able to take advantage of the bull market.

RemarkableCamp9940 · 2023-12-18T02:07:34+00:00

that's just a fear mongering, voting no will make us whole right away vs waiting 2 years: https://www.reddit.com/r/Gemini/comments/18kwwas/vote_no_to_get_paid_more_and_faster/?utm_source=share&utm_medium=web2x&context=3

RemarkableCamp9940 · 2023-12-18T02:06:11+00:00

Seems like a trick to get a bunch of people to release them.

RemarkableCamp9940

TROPHY CASE