It is with a certain degree of amusement that we learn of the former CEO of Celsius, Mr. Alex Mashinsky, who has graciously consented to forgo any claims upon the assets arising from the unfortunate bankruptcy of his erstwhile enterprise. One might say he has chosen to be the gentleman in this rather unseemly affair. 😏
In a motion filed on a rather unremarkable Monday, the esteemed United States Bankruptcy Court for the Southern District of New York has declared that an agreement has been reached between the debtors of Celsius and Mr. Mashinsky, along with his associates from AM Ventures Holdings Inc., Koala1 LLC, and Koala3 LLC. This agreement, one might say, is akin to a gentleman’s handshake, which prohibits the distribution of any proceeds from the bankruptcy to these parties. How very noble! 🙄
The stipulations of this agreement allow the debtors of Celsius to distribute funds that have been ensnared due to claims made by Mr. Mashinsky and his three rather unfortunate companions. It appears that the court has retained jurisdiction over all matters pertaining to this case, though it shall not interfere with the ongoing criminal proceedings. A most delicate balance, indeed! ⚖️
“The Court shall have exclusive jurisdiction to resolve any and all disputes related to this Stipulation and Order,” the motion so eloquently states. One can only imagine the spirited discussions that must ensue in such a hallowed chamber. 😅
Alex Mashinsky’s Prison Sentence
In the month of May, Mr. Mashinsky found himself sentenced to a rather lengthy twelve years in prison, after a judge determined that he had indeed committed the grave offense of fraud. A most unfortunate turn of events for a man of such ambition!
His legal team, in a display of fervent advocacy, highlighted his military service and his guilty plea in December as grounds for a more lenient sentence. One must admire their tenacity, if not their success.
Prior to his sentencing, the US Department of Justice had sought a rather draconian twenty-year prison term for Mr. Mashinsky, though his lawyers protested vehemently, claiming it would amount to a “death-in-prison sentence.” How dramatic! 🎭
Celsius Creditors Get Their Money Back
Meanwhile, the creditors of Celsius have collectively laid claim to more than one billion dollars in assets this year. A staggering sum, indeed! In August 2024, Celsius disbursed over $2.5 billion to more than 251,000 creditors. Yet, it is rather amusing to note that as many as 121,000 creditors did not stake their claims, as their amounts were less than $1,000, with the majority losing less than $100. Such is the folly of finance! 💸
In November 2024, Celsius announced it would pay out $127 million from its “Litigation Recovery Account” to creditors, which included retail borrowers, depositors, and users of its Earn program. A most generous gesture, one might say!
In July 2023, Celsius reached two settlements to extricate itself from the clutches of Chapter 11 bankruptcy proceedings, which had been initiated in July 2022. Chapter 11, for those unacquainted, is a legal process in the US that allows businesses to restructure without facing immediate repercussions from their creditors. A rather convenient escape, if one can manage it! 🏦
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2025-06-17 10:02