The Gemini-DCG complaint includes the following table and passage:
Now make a spreadsheet from that table:
The “Collateral Rec.” column total is not the sum of the other 4 entries. The total does match, up to rounding, for the other columns and the other date given in the filing. Also note the second such table is in a different format. Is this their real internal report?
Now compare total assets vs liabilities to get equity using both totals:
If the total-from-parts is right they were insolvent on their own numbers as of then. The report presented above is not a screenshot of an honest spreadsheet. There must be missing information, or dodgy formulas, or fudges in there somewhere.
That document looks to be a fraud on its face before we even dig in to context or accounting.
Matt Levine once wrote something about lawyers that fear numbers and bankers that fear words. I can’t find the quote. But I have never seen such compelling evidence he was right.
Did Genesis Admit It Was Insolvent In July 2022? was originally published in ChainArgos on Medium, where people are continuing the conversation by highlighting and responding to this story.
