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
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
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.
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.
Ahaha, yes you right... thanks for the rant then 😆 so as I assumed... the best option is to do nothing
You could feed these docs to ChatGPT and ask it to summarize them in plain english.
Thanks for the suggestion :)
Just stop doing shitcoining.
stopped time long ago :) am just finishing cleaning up all that mess, collect the few breadcrumbs left behind (if possible) and forget about it
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