During the latest episode of Unchained, Lumida Wealth CEO and founder Ram Ahluwalia revealed that, in the Genesis bankruptcy, Gemini Earn creditors could be made whole immediately.
According to Ahluwalia, the Gemini Earn creditors have already recovered their investments, thanks to the foresight of Gemini’s owners, the Winklevoss twins. “The Gemini Earn creditors have a path to be made whole quickly and promptly,” he said.
In August 2022, Gemini negotiated a security agreement that involved receiving $62 million worth of GBTC as collateral. This strategic move, combined with Gemini’s previously reported $100 million offer, contingent on the Gemini Earn pool accepting their proposed plan, has positioned the Gemini Earn creditors for a swift recovery.
However, this may not be a done deal for them. The Genesis creditors are unhappy with the prosper deal at the moment, neither side has the votes necessary to force things their way.
The top 75 creditors in the ad hoc group, holding about 62% of the votes, are negotiating a separate deal with DCG. Yet, they lack the two-thirds majority required. Meanwhile, Gemini Earn customers could swing the vote, but they prefer the current deal on the table. “They want the liquidity yesterday,” Ahluwalia says.