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After months of stalled advances, the developments this week reveal vital forward progress within the Genesis bankruptcy case. Assuming that one class of claims does in reality vote to just accept the Plan and the Plan is confirmed on the hearing at present scheduled to begin out on February 14, 2024, your recoveries under the Plan is not going to be affected based on the way you voted on the Plan. The Plan offers that Genesis will waive Desire Claims (causes of action towards collectors who received transfers from the Genesis within the ninety days earlier than the Petition Date) against Earn customers if a majority of Earn customers vote to accept the Plan and the Plan is consummated. The Plan designates Gemini to serve as the Distribution Agent for all Earn users.
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The subsequent step is obtaining approval of the Disclosure Assertion so that collectors, together with Earn users, can vote to accept or reject the Amended Plan. The listening to on Genesis’s motion to approve the adequacy of the recently filed Disclosure Statement and on the solicitation and the voting procedures with respect to Genesis’s Amended Plan might be held on November 20, 2023 at 2pm ET. We will maintain you posted as this develops and can do everything in our energy to bring this proceeding to a good and well timed conclusion.
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