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Creditors of the bankrupt cryptocurrency exchange FTX have filed an objection to the platform’s proposed reorganization plan, citing its failure to meet certain requirements of the Bankruptcy Code.by FTX creditor activist Sunil Kavuri, the objection argues that the reorganization plan ignores property rights issues, does not satisfy the best interest test, and contains inconsistent debtors liquidation analysis.
“It is painfully apparent that the Debtors’ proposed Plan will inflict additional hardships on customers through forced taxation that could be avoided by making an ‘in kind’ distribution…If instead of providing cash on account of the claim, the Debtors would distribute ‘in kind’ to the customer, the customer may be able to avoid a reporting event for tax purposes,” they stated.
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