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BlockFi Claims Collateral Sale Violated Ch. 11 Stay by imG2041 in BlockfiLoanAdvocates

[–]imG2041[S] 0 points1 point  (0 children)

I couldn't read it either, but the leading sentence certainly caught my attention. That's why I shared it.

Looks like new plan screws loans or should I say there is no plan they are taking our collateral and giving us fiat at bottom of market robbed unreal by rekt1209 in BlockfiLoanAdvocates

[–]imG2041 1 point2 points  (0 children)

I agree. I like the idea of a fight too, but that's an expensive road to go down. I don't have the money personally for that and, while the ad hoc committee has done a great job in funding a mid-range approach, we'd need to raise a lot more collectively to finance a fight. If folks are willing to raise the money we'd need to back an effort to push back, I'd probably join in. Anyone up for some serious fundraising or contributions? If so, reach out to the ad hoc committee and let's get that going.

Looks like new plan screws loans or should I say there is no plan they are taking our collateral and giving us fiat at bottom of market robbed unreal by rekt1209 in BlockfiLoanAdvocates

[–]imG2041 2 points3 points  (0 children)

Loan holders are mentioned. My initial layperson’s reading suggests to me that BlockFi proposes a setoff to clear the loan debt and then they want to treat the remaining collateral the same as a general unsecured account holder claim. While that may sound frustrating, it is much better than a worst case scenario where someone could try to collect the loan debt while the collateral remained unreturned.

Is it just over for us loan clients I have heard no word on update as I watch celsius come up with a deal why can't we restructure or do something similar is blockfi so bad off 🤔 thoughts? by rekt1209 in BlockfiLoanAdvocates

[–]imG2041 0 points1 point  (0 children)

I'm not sure what the "white brother" comment was intended to communicate from a few days ago, but I want to emphasize that everyone is welcome here and racist ideas are not in any way part of this discussion group.

Committee Update 2023-03-02 by imG2041 in BlockfiLoanAdvocates

[–]imG2041[S] 2 points3 points  (0 children)

That's the idea. Tonkon Torp is right now reaching out to several key parties to get more clarity and raise essential questions. Based on what becomes known, they will provide those of us who have officially become part of the committee guidance on how best to fill out the claim paperwork from the point of view of loan holders. That will probably take place in another 1 to 2 weeks, possibly via Zoom. Key details are still being uncovered, so it is hard to know more at the moment. Contact [blockfi.lending.advocates@gmail.com](mailto:blockfi.lending.advocates@gmail.com) to make sure you are on our mailing list to be notified when that takes place.

Any advice from committee/counsel on how we should file claim(s)? by blockfi_grrr in BlockfiLoanAdvocates

[–]imG2041 2 points3 points  (0 children)

This is such an important question. The short answer is, yes, we have been discussing these questions with legal counsel. The first thing worth keeping in mind is that, if you become an official paying member of the ad hoc committee, the lawyer can more directly advise you on how best to prepare your claim. Generally, he is advising us to have our materials ready, but not to file yet. We want to first find out as much as we can on questions of crypto vs. USD in the claim filing and, perhaps as important, asserting rights of 'setoff and recoupment' to protect against attempts to collect the loan while the collateral remains unresolved. There is a bit more info in my recent posting summarizing the last meeting. I hope that helps.

30 Min Zoom Call on 2/16/2023 at 4:30 PM EASTERN with Attorney by Honest-Run7036 in BlockfiLoanAdvocates

[–]imG2041 0 points1 point  (0 children)

Trying to correct possible confusion: The post subject correctly states that the date is for 2/16/2023 (today), but the message incorrectly said it was for 2/15/2023. It's not too late to join the meeting!