PANews July 7 news, according to Bloomberg News, on Thursday, Manhattan District Bankruptcy Judge Sean Lane said at the cryptocurrency lender Genesis bankruptcy hearing that the $2 billion dispute between Genesis Global and FTX Trading may delay the court. Consideration of Genesis Creditor Payment Plan. Responding to a request to approve Genesis' creditor payment plan next month, Lane said the timeline "looks very optimistic" and "my understanding is that those deadlines may be pushed back".
FTX claimed that Genesis owed it approximately $2 billion, and at the hearing Genesis and FTX filed a duel proceeding to settle the claims. Genesis wants Judge Lane to hold a hearing to decide whether the alleged debt is legal and, if so, how much. FTX wants Judge Lane to sue Genesis in Wilmington, Delaware, whose bankruptcy case is being overseen by another federal judge. Judge Lane rejected both requests and instead ordered the parties to exchange information about the dispute. Ultimately, he may schedule an "evaluation" hearing to rule on FTX's claim, as Genesis demanded. He did not make a final ruling on whether FTX can sue Genesis.
FTX initially said Genesis owed it $3.9 billion, but in a letter to Judge Lane this week, that figure was dropped to about $2 billion.