2/◉
They're evaluating acquiring non-customer claims to control a FTX voting class.
They may object to the plan, explore strategic litigation, creating leverage heading into confirmation.
This potentially gets them a greater recovery and other concessions.
Right, FTX estate bragging when plan not confirmed.
We haven't seen the 3D chess moves deployed in high stakes bankruptcy.
Early this morning got pulled into a meeting with multi-billion dollar fund going over plan disruption strategies.
🧵👇
I also just realized FTX estate is bragging about you getting 118% of claim value, but claim value is from when BTC was $20k~
So while assets did 300%+ only 18% of that is coming back to those owed.
So gross.
3/◉
Key takeaway is that FTX customers can influence the plan outcome.
Follow the lead of
@sunil_trades
,
@PatRabbitte1
,
@MrPurple_DJ
,
@arush
, and others in the coalition.
Deploy the same strategies mega funds use to get better plan terms.
Plenty of baseball to play.