#FTX claimholders from China, Saudi Arabia and other countries have invoked the Celsius bankruptcy case -- well-respected Southern District Bankruptcy Chief Judge Martin Glenn presided -- to derail FTX’s plan to deny distributions for allowed claims in roughly 46 “Restricted Foreign Jurisdictions.” Ahead of next Tuesday’s hearing on the motion, Chinese claimholders pointed out that @CelsiusNetwork paid Chinese creditors’ allowed claims via wire transfer; additionally, many Chinese FTX creditors already use distribution agent Kraken to move money in and out of the country (DN 31447). FTX’s filing asserts the “Restricted Jurisdiction Procedures” are necessary to protect the debtor and ultimately its creditors from penalties if those distributions violate local laws (DN31148). Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims #bankruptcy #crypto

Large hedge funds continue to prefer large #FTX claims. Since our Aug. 31, 2024, chart, 87 claims over $1 million have traded with an average Claim Amount of $5.2 million. The total Claim Amount traded in the last 9 months was $564 million in 1,118 transactions. The total Claim Amount traded since FTX filed Chapter 11 on Nov. 11, 2022, was $5.6 billion in 7,451 transactions. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto

#FTX may serve allowed claimholders a larger slice of the pie next distribution if approved to reduce the Disputed Claims Reserve by $1.93b to $4.59b. In a bankruptcy court filing today, the collapsed cryptocurrency exchange said it recovered $1.41b from expunged or reduced claims but also flagged additional claims for litigation and disputed status (DN 31085). Additionally, $1.85b of disputed claims are now allowed due to reconciliation, settlement and KYC verification. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto

#FTX called 3AC's $1.5 billion amended Proof of Claim “a fiction,” declaring the former cryptocurrency hedge fund “is owed nothing.” FTX's objection filed Friday (DN 30932) said 3AC liabilities outweighed its assets (both digital and fiat) due to withdrawals and price declines. 3AC's account balance declined by $282 million (see chart below) over two days due to price declines of $222 million and 3AC’s withdrawals of $60 million (para. 9), according to the filing. A hearing is scheduled for Aug. 12. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto

#FTX Next Distribution Date (1 of 2): We believe Nov. 28 will be the next distribution date since FTX CEO John Ray is likely to follow the semi-annual system he used as CEO of Enron in liquidation. Lehman’s bankruptcy proceedings, with $150b+ in claims, also made semi-annual distributions (April and October) during its liquidation. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto

@Azullinhasaerea's plan to reduce its face amount of lease liabilities during bankruptcy proceedings didn’t quite take off. The airline said in its recent Pro Forma Capitalization report that lease liabilities will drop 13% to $2.9b from $3.36b after its proposed Ch. 11 exit in February 2026. The 13% reduction seems light; normally, it's much greater for airlines that file Ch. 11. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto