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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ftx-amends-settlement-offer-following-u-s-trustees-concern/">FTX Amends Settlement Offer Following U.S. Trustee’s Concern</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>A new twist has emerged in the FTX crypto exchange bankruptcy saga. The exchange has chosen to amend its proposed settlement, pivoting in response to apprehensions raised by the U.S. Trustee.</p> 
<h2 id="adjusted-approach-in-settlement-proposals" data-name="adjusted-approach-in-settlement-proposals" class="wp-block-heading"><strong>Adjusted Approach in Settlement Proposals</strong></h2> 
<p>FTX, the beleaguered cryptocurrency exchange, has <a href="https://restructuring.ra.kroll.com/ftx/Home-DocketInfo" rel="noopener noreferrer nofollow">shifted</a> its stance by presenting an adjusted settlement motion. This revision arises shortly after the U.S. Trustee’s reservations on a prior motion were brought to light. FTX’s decision to redraw its settlement blueprint aims to bridge concerns and ensure smoother proceedings.</p> 
<h2 id="the-u-s-trustees-stance" data-name="the-u-s-trustees-stance" class="wp-block-heading"><strong>The U.S. Trustee’s Stance</strong></h2> 
<p>The U.S. Trustee had initially flagged discrepancies in the former motion, highlighting that the designated $10 million benchmark was significantly elevated to be labeled as a minor claim. Additionally, the Trustee pointed out a lack of adequate clarity regarding the nature of these claims.</p> 
<h2 id="an-olive-branch-extended" data-name="an-olive-branch-extended" class="wp-block-heading"><strong>An Olive Branch Extended&nbsp;</strong></h2> 
<p>In a bid to streamline the settlement process and address the U.S. Trustee’s reservations, FTX’s debtors have introduced several modifications. They have proposed to acknowledge the U.S. Trustee as a party who would be notified during the process. Furthermore, there is a proposed reduction in the maximum claim value, bringing it down from the earlier set of $10 million to a more modest $7 million.</p> 
<p>FTX’s debtors are taking a proactive step. They’ve committed to providing monthly updates on the settlements that have been finalized. It’s worth noting that for a claim to proceed, any concerns flagged by the parties notified must be addressed. If these concerns aren’t resolved amicably, the court’s intervention would be sought to make a final decision.</p> 
<h2 id="the-creditors-committees" data-name="the-creditors-committees" class="wp-block-heading"><strong>The Creditors Committees&nbsp;</strong></h2> 
<p>Driving the settlement process are two essential creditor committees: The Official Committee of Unsecured Creditors and the ad hoc Committee which represents international clients. Their role is important in safeguarding interests and ensuring that the settlement process is equitable.</p>

FTX Amends Settlement Offer Following U.S. Trustee’s Concern

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