Posts about BlockFi
According to a recent bankruptcy filing, BlockFi holds $227 million in Silicon Valley Bank. However, the bankruptcy trustee cautioned the company on Monday that these funds are not FDIC insured because they are invested in a money market mutual fund. This could pose a problem for BlockFi in terms of complying with bankruptcy laws.
Silicon Valley Bank was the 2nd largest bank failure in US history, with 209$ Billion in assets at the time of failure (apparently). Only Washington Mutual bank failure was bigger...
https://i.redd.it/pvzisecg00na1.pnghttps://i.redd.it/ff5vokqh00na1.pngMassive line currently outside Silicon Valley Bank in California as customers panic.. This is serious!
Bear Market shows no mercy!
Good luck everyone, hope this doesn't blow the entire financial system...
Btw, Jim Cramer said a month ago Silicon Valley Bank was a buy at 320$.
He did the same with Bear Sterns in 2008.
This man is definitely a criminal on live television... Glad the SEC and every law enforcement is still looking away from the real criminals in this world...
New update from BlockFi
https://i.redd.it/guq4g18tqw0b1.pngLast week, you received an email from BlockFi, with links to documents relating to BlockFi’s reorganization. The Official Creditors Committee (comprised of BlockFi creditors like yourself) immediately filed an Emergency Motion with the Bankruptcy Court contending that BlockFi’s communications to you were improper.
On May 18th, the Bankruptcy Court ruled that BlockFi’s communications to you fell “outside the scope of permissible solicitation under the Bankruptcy Code.” The Court advised BlockFi and its creditors that “what’s reflected in the disclosure statement, in the plan that’s on file has not been authorized by the Court, has not been vetted by the Court, has not been approved by the Court and that solicitations based on what’s been filed are improper.” A transcript of the Court’s May 18th ruling can be read here.
As ordered by the Court, BlockFi sent to all creditors a retraction statement, which you can read here. The Court authorized the Committee to provide you with a copy of the Committee’s filed statement respecting BlockFi’s plan, which you can read here.
This email is not a solicitation to vote one way or another on any plan. No party may ask you to do so until the Court has approved one or more disclosure statements that contain adequate information for you to make an informed decision.
Sincerely,
The Official Committee of Unsecured Creditors of BlockFi, Inc. et al.
Please note that this email address is a one-time email address and cannot accept incoming emails. Messages sent to this email address will not be received by the Committee.