Celsius sued<\/a> for the return of the final $17 million that it claimed Prime Trust failed to return. At today’s hearing, Prime Trust said it would return the funds to a Celsius wallet pending court approval.\u00a0<\/p>\nCelsius has yet to file a standalone plan in the bankruptcy process, which would come before an auction. The independent examiner appointed to the case is still at the start of the investigation process.<\/p>\n
The findings of that investigation could affect the disbursement of assets to creditors and reveal more about the state of the business and its regulatory dealings, which would affect an auction process.\u00a0\u00a0<\/p>\n
Part of the concern around setting the dates for a possible auction has to do with preserving the remaining funds of the estate. Bankruptcy processes are costly and can cut into already scarce funds that are often meant to end up in the hands of creditors. This was the main concern raised before the court appointed the independent examiner and led to a narrowed scope of the intended investigation.\u00a0<\/p>\n
Now, the court is appointing another examiner to review the monthly fee statements filed by retained professionals throughout the bankruptcy process. Judge Christopher Sontchi will take up the role. He previously served as a bankruptcy judge in the District of Delaware before retiring from the seat to focus on mediations and arbitrations as well as serving as an International Judge of the Singapore International Commercial Court on insolvency matters.<\/p>\n
Celsius entered the Chapter 11 process in July. The next hearing in the case is set for Nov. 1.\u00a0<\/p>\n
<\/p>\n\u00a9 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.<\/span><\/p>\n<\/span><\/span><\/div>\n
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About Author<\/h4>\n
Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet’s policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn’t writing or reporting, Aislinn is running and rock climbing.<\/p>\n<\/div>\n","protected":false},"author":1,"featured_media":1582643,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[6153,3634,3884,14560,6428,5018,3888,14557,3889,4150,14559,5019,3767,4158,4302,3837,3646,4199,4089,14576,7457,14558,8453,12764,9642,14556,8593,25001,14575,15087,7894,14555],"artist":[15086],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1726877"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1582643"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1726877"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1726877"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1726877"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1726877"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1726877"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1726877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}