FIRST MOVER: Legal Expert on Pitfalls of FTX's Bankruptcy Plan
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 May 2024
⏱️ 15 minutes
🧾️ Download transcript
Summary
Found.xyz co-funder and bankruptcy attorney Nicholas Hall discusses FTX's new plan to repay its creditors.
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Found.xyz co-funder and bankruptcy attorney Nicholas Hall joins "First Mover" to discuss the FTX estate's new plan that would see 98% of its creditors get back 118% of their claims in cash. Plus, the hidden pitfalls of the reorganization plan and a potential timeline for court approval.
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This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:49.6 | This week we heard that FTC's creditors will get 118% of their funds back in cash, according to a new plan by the estate. |
| 0:57.8 | The new reorganization plan would see a whopping 98% of creditors get back 118% of their claims in cash within 60 days of a court approval. |
| 1:07.2 | Now, this plan has been celebrated by some, but our next guest has a bit of a different view, |
| 1:12.1 | bankruptcy attorney and co-founder of found.xyz. Nicholas Hall took to X recently to outline the |
| 1:18.9 | hidden pitfalls of the plan. He joins us now to dig a bit deeper. Nicholas, welcome to first mover. |
| 1:25.0 | Hey, thanks for having me. Of course, thanks for being here. Now, let's just start very broadly here. |
| 1:30.3 | What did you think of the estate's plan when you initially saw it? |
| 1:33.3 | Overall, I think that there are just some misconceptions, right? |
| 1:37.3 | In the bankruptcy process, not everybody's going to be happy. |
| 1:40.3 | Actually, it said that a good negotiated plan is something that nobody's |
| 1:44.3 | happy with, other than the attorneys, obviously, because they're getting paid. But, you know, |
| 1:49.3 | the recoveries are high on a typical bankruptcy basis, but for those creditors and customers |
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