According to their attorneys, the bids for Celsius’s ($CEL.X) various assets are “not compelling.” Or shite. Poo. Ass. 💩
The most recent solution brought to the bankruptcy judge is to create a new token called an AST (Asset Share Token) – which represents the value of a creditor’s assets.
What does that mean for the customers? The lawyers said customers would receive a one-time distribution not in the AST but in liquid crypto ($BTC.X, $ETH.X, stablecoins, etc).
Attorney Ross Kwastaniet said the distribution would be at a ‘discount’ – fancy shmancy speak for “ya, you’re not getting back everything you lost.”
Kwastaniet did expand a little more on that topic with a more positive spin saying, “… they’re (Earn customers) going to be entitled to a significant return of value here. The fact that Earn is the property of the estate doesn’t mean that we can go out and have a party with it. It goes back to the customers.”
What the lawyers and the bankruptcy judge consider a significant return of value remains to be seen.
We’ll keep you updated. 🎙️