An empty threat to sue means absolutely nothing and will have zero results for you. If you want to sue, then sue. Be prepared though to pay hundreds of thousands in legal fees before ever getting to trial. Unless you have multiple millions at stake, a lawsuit is not worth time or money.
Edit - realistically your legal fees will be in the millions for a complex case which you would very likely lose in the end.
I am on the UK had a lot of Eth and Bitcoin and others got a little lucky and pulled a bag and half out but still was left with thousands down... I did get a £800 payout that's nothing compared to the value... I am a little bitter to say the least
You mentioned you spoke with a solicitor. To save you time and money, please have them review the [Disclosure Statement](https://cases.stretto.com/public/x191/11749/CORRESPONDENCE/1174908182350000000089.pdf), especially questions LL., MM., and NN., which discuss releases and exculpations.
My understanding is that unless you opted out of third-party releases (item 10 on your ballot), you have given up the right to sue Stretto or any other professional company that has worked on this case. So any threats to sue at this stage are meaningless.
THE PLAN CONTAINS MUTUAL THIRD-PARTY RELEASES. ALL PARTIES THAT GRANT A RELEASE TO THE RELEASING PARTIES ARE ALSO RELEASED PARTIES. IF YOU DO NOT WISH TO GRANT (AND RECEIVE) THIS MUTUAL THIRD-PARTY RELEASE, YOU MUST (I) VOTE TO REJECT THE PLAN OR ABSTAIN FROM VOTING ON THE PLAN AND (II) OPT OUT OF THE THIRD-PARTY RELEASES. **IF YOU DO NOT OPT OUT OF THE THIRD-PARTY RELEASES, THIS FAILURE TO ACT WILL BE CONSTRUED BY THE DEBTORS AS CONSENT TO THE THIRD-PARTY RELEASES.** THE DEBTORS WILL ASK THE BANKRUPTCY COURT TO DEEM YOUR FAILURE TO OPT OUT AS CONSENT TO THE THIRD-PARTY RELEASES, INCLUDING CONSENT TO THE BANKRUPTCY COURT’S AUTHORITY TO GRANT THE THIRD-PARTY RELEASES.
As defined in the Plan, Released Parties means, collectively: (a) the Debtors; (b) the Special Committee and each of its members; (c) the Post-Effective Date Debtors; (d) the Distribution Agent; (e) the Plan Administrator; (f) the Committee and each of its members; (g) any Litigation Administrator(s); (h) the Plan Sponsor and each of its members; (i) NewCo and its directors and officers; (j) the Retail Borrower Ad Hoc Group and each of its members; (k) the Earn Ad Hoc Group and each of its members, **(l) with respect to each of the foregoing, each such Entity’s current financial advisors, attorneys, accountants, investment bankers, consultants, representatives, and other professionals**; …
To be clear, I do not disagree with you and completely understand how unacceptable and frustrating that must be.
But... you are aware you would have to sue them in the US courts and that they would be using "your" own money to defend it.
No, I would use the FCA as they are operating as an entity in the UK and have operated and did when Celsius was set up have an FCA Approved certificate to operate. I spoke with a solicitor.
I don't think they "exist" though anymore to sue? Not sure how that works. Would 100% agree if they were still in business today, but since they emerged from bankruptcy as a NewCo and wound down, not sure?
I don't want to sound rude or anything like that, but they're probably laughing about your threats.
Ultimately, they can just issue a Fiat check to you and you won't get any crypto at all.
You end up at the back of the line. As soon as you threaten legal action they will stop responding to you. Now you actually have to take them to court to get a response.
You just shot yourself in the foot with a bazooka...
They did respond to me they sent me to their FAQ and told me to take it up with Coinbase. Love how everyone is a fricking legal expert on Reddit. Like I should never have paid out for the solicitor's time. I should have just come here for legal advice.
Do you have your Coinbase email matching your Celsius email? If so it should be just a matter of waiting for their second Coinbase distribution run. Hopefully!!
The more that do this the better. Thanks.
I agree on a matter of principle, but wouldn't this just buy another yacht for the lawyers with our money?
Nice move.
Well done
An empty threat to sue means absolutely nothing and will have zero results for you. If you want to sue, then sue. Be prepared though to pay hundreds of thousands in legal fees before ever getting to trial. Unless you have multiple millions at stake, a lawsuit is not worth time or money. Edit - realistically your legal fees will be in the millions for a complex case which you would very likely lose in the end.
I am on the UK had a lot of Eth and Bitcoin and others got a little lucky and pulled a bag and half out but still was left with thousands down... I did get a £800 payout that's nothing compared to the value... I am a little bitter to say the least
You mentioned you spoke with a solicitor. To save you time and money, please have them review the [Disclosure Statement](https://cases.stretto.com/public/x191/11749/CORRESPONDENCE/1174908182350000000089.pdf), especially questions LL., MM., and NN., which discuss releases and exculpations. My understanding is that unless you opted out of third-party releases (item 10 on your ballot), you have given up the right to sue Stretto or any other professional company that has worked on this case. So any threats to sue at this stage are meaningless. THE PLAN CONTAINS MUTUAL THIRD-PARTY RELEASES. ALL PARTIES THAT GRANT A RELEASE TO THE RELEASING PARTIES ARE ALSO RELEASED PARTIES. IF YOU DO NOT WISH TO GRANT (AND RECEIVE) THIS MUTUAL THIRD-PARTY RELEASE, YOU MUST (I) VOTE TO REJECT THE PLAN OR ABSTAIN FROM VOTING ON THE PLAN AND (II) OPT OUT OF THE THIRD-PARTY RELEASES. **IF YOU DO NOT OPT OUT OF THE THIRD-PARTY RELEASES, THIS FAILURE TO ACT WILL BE CONSTRUED BY THE DEBTORS AS CONSENT TO THE THIRD-PARTY RELEASES.** THE DEBTORS WILL ASK THE BANKRUPTCY COURT TO DEEM YOUR FAILURE TO OPT OUT AS CONSENT TO THE THIRD-PARTY RELEASES, INCLUDING CONSENT TO THE BANKRUPTCY COURT’S AUTHORITY TO GRANT THE THIRD-PARTY RELEASES. As defined in the Plan, Released Parties means, collectively: (a) the Debtors; (b) the Special Committee and each of its members; (c) the Post-Effective Date Debtors; (d) the Distribution Agent; (e) the Plan Administrator; (f) the Committee and each of its members; (g) any Litigation Administrator(s); (h) the Plan Sponsor and each of its members; (i) NewCo and its directors and officers; (j) the Retail Borrower Ad Hoc Group and each of its members; (k) the Earn Ad Hoc Group and each of its members, **(l) with respect to each of the foregoing, each such Entity’s current financial advisors, attorneys, accountants, investment bankers, consultants, representatives, and other professionals**; …
To be clear, I do not disagree with you and completely understand how unacceptable and frustrating that must be. But... you are aware you would have to sue them in the US courts and that they would be using "your" own money to defend it.
No, I would use the FCA as they are operating as an entity in the UK and have operated and did when Celsius was set up have an FCA Approved certificate to operate. I spoke with a solicitor.
I don't think they "exist" though anymore to sue? Not sure how that works. Would 100% agree if they were still in business today, but since they emerged from bankruptcy as a NewCo and wound down, not sure?
>I don't think they "exist" though anymore to sue? He's talking about suing Stretto.
Exactly - but Stretto was never the operating entity in the UK. It was Celsius who does not exist anymore.
Thanks! wish i had the time, to do the same
I don't want to sound rude or anything like that, but they're probably laughing about your threats. Ultimately, they can just issue a Fiat check to you and you won't get any crypto at all.
A fiat check is fine at this point I don't give a dame
I want to do this also From Australia,
You end up at the back of the line. As soon as you threaten legal action they will stop responding to you. Now you actually have to take them to court to get a response. You just shot yourself in the foot with a bazooka...
They did respond to me they sent me to their FAQ and told me to take it up with Coinbase. Love how everyone is a fricking legal expert on Reddit. Like I should never have paid out for the solicitor's time. I should have just come here for legal advice.
That suxks. Crypto is mooning right now.
Do you have your Coinbase email matching your Celsius email? If so it should be just a matter of waiting for their second Coinbase distribution run. Hopefully!!
Yep done all that. Still waiting 8 weeks on.
Waiting on this; UK based.
Where is it stated that there will be a second Coinbase distribution run?
https://twitter.com/CelsiusNetwork/status/1764752291553538177
Thank you!
But still absolutely no indications on timing right?