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Home»BLOCKCHAIN NEWS»Court prohibits DCG from changing ownership of Genesis.
BLOCKCHAIN NEWS

Court prohibits DCG from changing ownership of Genesis.

By Crypto FlexsDecember 19, 20232 Mins Read
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Court prohibits DCG from changing ownership of Genesis.
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In a recent legal development, a judge ruled that the digital currency group is prohibited from making ownership changes within Genesis until DCG successfully emerges from bankruptcy.

This decision shields Genesis from DCG’s tax consolidation group and provides certain benefits to cryptocurrency lenders in bankruptcy.

The protections remain in effect until the effective date of the Chapter 11 plan or until the bankruptcy is converted to a Chapter 7 case and the business is liquidated.

Genesis has been making its case since late November, emphasizing that DCG must maintain at least an 80% stake in the holding company to preserve the potential value of DCG Group’s federal net operating loss (NOL) carryforwards.

Net operating loss carryforwards provide tax advantages, allowing Genesis to deduct losses from future profits. Genesis, which estimates it generated more than $700 million in NOLs, attributed the losses to the failure of digital asset hedge fund Three Arrows Capital to repay Genesis Asia Pacific’s loans.

Genesis, which filed for bankruptcy in January after FTX collapsed, has been embroiled in a dispute with Gemini over its Earn program, which was discontinued due to the financial turmoil. The legal dispute involves significant sums, with Gemini seeking $1.1 billion from 230,000 Earn customers and Genesis seeking $689 million from Gemini.

Additionally, DCG, Genesis, and Gemini have been sued by the New York Attorney General alleging “fraud fraud” related to Earn products.

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