Resolves according to the earliest of:
The US Debtors issue the first reimbursement to an FTX International customer
The Bahamas liquidators issue the first reimbursement to an FTX International customer
It does not matter when the payment is received or whether it is blocked by a third party (e.g. customs or foreign government)
Deadline extends until resolved.
1,000
1.00
@TonyPepperoni What makes you buy yes here? I'm pretty agnostic, but base rates indicate a longer wait.
@ZicoVerona claim buyers are expecting payment around end of year
a bankruptcy lawyer i'm friends with tells me he expects first repayment around end of this year as well
claims are selling for 97-99% which implies creditors probably gonna get 100% + interest + maybe more and within a short period of time
ftx bahamas website says they are aiming for q4 2024/q1 2025 for first repayment (https://www.pwc.com/bs/en/services/business-restructuring-ftx-digital-markets/assets/notice-to-creditors-to-prove-debt.pdf)
i think 18 months is the max amount of time for plan exclusivity, which is basically the latest time possible that the debtors have to control the bankruptcy so they are incentivized to meet this limit, plus 2 months to get voting approval, so unless some black swans come expect the final plan to be approved around july so the lawyers can milk every last dollar in fees possible. after plan is approved, expect first repayment few months after that maybe
then account for some extra time for any unexpected delays. biggest thing i think that could probably delay the above is the whole weird dual bankruptcy in the us and bahamas situation, seems things are going by slower in the bahamas and they want to match distribution timings together
even still, imo 85% first repayment before apr 2025
@traders I've added M750 to the pool. Would be great to get more engagement in this. I'm especially interested in info that supports a fairly early payout like 2024/2025. (Early compared to other crypto bankruptcies).