Our mission is simple: as a community of like-minded creditors similarly situated with respect to potential avoidance actions, we need to ensure preference defences including 547(c)(2)(a) Ordinary Course of Business, 547(c)(2) (b) Ordinary Business Terms and 546(e) Safe Harbor are presented in the best possible light during the upcoming Phase II court hearing.
In doing so we are fighting for a favorable ruling on preference defences, one that ensures Celsius retail investors will not be subject to potential avoidance actions. Collectively, we now have a golden opportunity to share the legal costs across a maximum number of creditors, thereby minimizing the financial impact for everyone involved. Taking advantage of this opportunity is our highest priority and therefore we must act NOW.
Completing this survey is step # 1 in moving towards our funding goal. Our potential legal representative Deborah Kovsky-Apap @ Troutman Pepper has provided a rough breakdown for Phase II legal costs. Critically she needs funds in December so she can sign contracts with suitable experts and get the ball rolling, after which other amounts are required in February to complete the work with experts.
We are proposing a minimum contribution of $1,000 USD, however if you’re a creditor who withdrew a substantial sum (you know who you are) please consider contributing more. Everyone’s financial situation is different and the decisions around whether to contribute, or how much you choose to contribute, are 100% yours to make.
We are working to enable two options for supporting Phase II. One option is to seek formal legal representation – we need at least one individual who is represented by Deb in order to move forward. A second option is to make a financial contribution to a trust fund that is setup and managed by Troutman Pepper. Importantly, this second option does not require you to identify yourself to the court. We are also working to evaluate stable coins as a method of payment plus a GoFundMe page.
The survey will ask you to provide the following: your name or pseudonym, contact information, your exposure amount, how much you are willing and able to contribute, and more. Email is the preferred method of contact, so if don’t want to release your email to admins / steering committee members please consider setting up an anonymous email account before filling out the survey. To be clear, we will not be sharing your information with the broader community...any names, emails or any other info that could be used to identify you will only be shared with Deb @ Troutman Pepper.
Importantly, those of you who fill out the survey and are willing / able to contribute to this initiative will be invited to a series of Microsoft Teams meetings with Deb. She will provide important context, explain the path forward in further detail and answer your questions.
