FTX.com releases restructuring plan, hints at rebooted offshore exchange
FTX.com has outlined its intended re-organization plan that will categorize claimants of the bankrupt exchange into specific classes and pave the way for the exchange to become re-operational as an offshore entity.
Dockets filed on July 31 include a draft plan of reorganization that outlines the company’s intended path to settle an “exceptionally large and complicated collection of claims”.
There are a total of 13 different classes of claims, including specific brackets for Dotcom customer entitlement claims, U.S. customer claims and nonfungible tokens (NFTs) customer claims.
Related: FTX reboot on the way: CEO holds talks with ‘interested parties’ — Report
The global settlement will involve the valuation of claims in U.S. dollars on a yet to be Bankruptcy Court-approved valuation methodology prepared by FTX, including disputes over assets held on FTX.com and FTX US exchanges.
FTX plans to identify three primary recovery pools that will correspond with segregated assets attributable to FTX.com customers, FTX US customers and assets that the company contends are not attributable to the two defunct exchange arms.
Users that held NFTs will also have their own seperate classification. NFTs are set to be returned to applicable customers unless they were "destroyed" or lost. In that scenario, their claims would shift to Class 4A or 4B as outlined in the screenshot above.
The document features recognition of special “shortfall” claims by the two FTX exchange organizations against this third pool of general assets. This is intended to “compensate” the exchanges for the unauthorized borrowing and misappropriation of assets that former CEO Sam Bankman-Fried and his close associates are accused of carrying out.
The filing also
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