Some creditors of the bankrupt crypto lender argue it should be valued at a higher $0.80, the nominal price when the company collapsed, despite allegations of market manipulation
If creditors vote in favor, a wind-up plan will now proceed with a lower $0.25 valuation
Holders of Celsius’ native token have failed in a bid to argue CEL should be valued at $0.80, the trading price on the day the crypto lender filed for bankruptcy in July 2022, said aTrading prices don’t reflect reality because the market for CEL was manipulated, and the court could even have valued it at a lower or zero price on a par with what stockholders could expect in bankruptcy, the company argued in opposition to the token holders.
Two token holders, Santos Caceres and Otis Davis, lobbied the court to be able to take part in the bankruptcy negotiations via a special committee of CEL holders, which Judge Martin Glenn also rejected. “Nothing in the motions, this order, or announced at the hearing, constitutes a finding under the federal securities laws as to whether crypto tokens or transactions involving crypto tokens are securities,” Glenn said, seeking to avoid intervening in a heated dispute with the Securities and Exchange Commission overCelsius’ management have proposed to value CEL at $0.
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