I've playing with the devils and now am looking for help \ stacker news ~meta

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I've playing with the devils and now am looking for help

952 sats \ 7 comments \ @a68dd96af9 29 Aug 2023 meta

I admin it, I've been supporting scammers like FXT and Celisus and now receiving communications about "voting" on the next chapter of their shitty legal battle.

The Plan outlines a proposed path to maximizing value for the estate for the benefit of customers and creditors. While we cannot tell creditors how to vote, we strongly recommend that all creditors vote to accept the Plan.

I do not understand legalese yet so not sure what are the implication of voting... and what are the consequences of not voting?

Below you can find the document forwarded:

Plan of Reorganization and Disclosure Statement

Solicitation and Voting Procedures

Confirmation Hearing Notice

Notice of Claims Settlement

Cover Letter

Letter from Official Committee of Unsecured Creditors

Order Approving Disclosure Statement

I'd like to ask here for help from any attorney or lawyer that can translate this documents in natural language and (if possible) advise about the consequences could be applied when:

vote to accept
or reject the Plan
or maybe do not take actions at all

Luckily enough I was able to remove the majority of my stack out of the hands of this scammers while before they crashed, but I still have there few sats I'd like to recover.

I'd expect responses to be shared as constructive feedbacks... so please, keep your rants away. Hope this tread will help others like me to take action.

Thank you in advance for taking the time and reading

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130 sats \ 1 reply \ @mallardshead 29 Aug 2023

The protocol is the court, it enforces the rules and bearer assurances—permissionlessly. You chose the centralized court, thus the endless pages of non-sensical legalese. Apologies for the rant, but this was overall a great learning experience for you. You set yourself up for this rant by telling us not to rant.

The creditor vote is meaningless theatre. You're not a lead plaintiff or whale, which basically means the weighting of votes is based upon your share of the claim. You have no influence. Don't bother voting.

Most of these cases end up with claimants getting 60% of their stack back on average. Even the Madoff case ended up with folks getting ~88% back. Let it play out, expect to get nothing back, be happy when you get something back, and lever the loss as a tax write-down.