Creditors apply to the court to restrict Genesis from conducting intercompany transactions
It is reported that according to a court document released on February 20, the unsecured creditor of Genesis raised an objection to the company’s request to continue the intercompany transaction. They believe that the request of Genesis has caused the concern of the creditor committee, because the intercompany transaction of Genesis has been investigated before, and no relevant information such as the address of the encrypted wallet has been provided so far, so they hope that the court will prohibit the company from conducting all intercompany transactions and require it to “provide necessary reports and information to track the cash outflow and the flow of the debtor’s digital assets, including the address of the encrypted wallet”. （cryptoslate）
Interpretation of this information:
Recently, a court document was released indicating that the unsecured creditor of Genesis has raised an objection to the company’s request to continue intercompany transactions. The creditor committee has expressed concern due to previous investigations into Genesis’ intercompany transactions, with the absence of necessary information such as the address of the encrypted wallet only intensifying their worries. Therefore, they urge the court to prevent the company from engaging in any intercompany transactions and demand that they provide all relevant reports and data to track cash outflow and the flow of debtor’s digital assets.
The message presents a situation that is likely not ideal for Genesis, as the creditor committee seems to have significant misgivings about their recent intercompany transactions. Without sufficient information regarding these activities, it would be difficult for creditors to feel confident in Genesis’ financial stability, which is why they’ve requested deeper access to relevant data. This event may have severe consequences for Genesis’ operations and long-term outlook, given the severity of the creditor’s concerns.
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