**Exciting Update: FTX Tweaks Settlement Plan** ♾
🔴 The bankrupt crypto exchange, FTX, recently made waves with its latest “Reply” on Sunday, August 20. They stand by their Settlement Plan and have taken steps to address concerns raised by the US Trustee.
****⚠️**** Just a few days earlier on August 16, FTX Trading and affiliated debtors filed a motion seeking authorization for settling various claims and causes of action. This motion specifically focuses on tackling “Small Estate Claims” amounting to around $176 million.
➡️ The proposed procedure streamlines the settlement process for these claims, aiming to resolve them efficiently and swiftly. Notably, this approach bypasses the need for multiple motions or extensive notifications to all parties, with exceptions in place for specific creditor committees. Plus, court approval for settlements would be more straightforward under these terms.
**🟢 However, the Official Committee of Unsecured Creditors of FTX (UCC) raised concerns about the plan on the same day, voicing discontent among FTX creditors.
****✅**** To add to the mix, Andrew R. Vara, representing the United States Trustee for Regions Three and Nine, cited three grounds for objecting to the proposed FTX settlement plan. Stay tuned for more updates!