Angry FTX big-tail creditor Sunil has once again criticized what he considers an unfair restructuring plan. It is summarized as follows:
- FTX Law Firm S&C Adds Indemnity Clause So They Can’t Be Sued For Wrongdoing
- He believes S&C manipulated restructuring lawyer John Ray but was not responsible
- Petition price + 18% (<$50,000; 25% to 47% >$50,000)
- Payment by check
- Loss of claim if check not cashed within 6 months
He believes the plan should be voted against.
Because the S&C/Debtor owes the FTX client the current value of its holdings (3x to 10x the petition price). The S&C destroyed what FTX's creditors estimated was more than $10 billion in value.
SBF was sentenced to 25 years in prison for violating terms of service and stealing customer deposits.
S&C is a defendant in Sunil's class action lawsuit for aiding/abetting SBF's fraud, alleging:
Each defendant is responsible for the losses of FTX customers and is required to calculate compensation at current prices.