11/19/2023 0 Comments 8 gemini sign lettersDCG will continue to engage in constructive negotiations with Genesis and its creditors with the goal of arriving at a solution that works for all parties. Any suggestion of wrongdoing by DCG or any of its employees is baseless and completely false. What is DCG’s response to Gemini’s false accusations related to the Gemini Earn program and threat of a lawsuit?Īs we previously addressed last week, this is another publicity stunt from Cameron Winklevoss to deflect blame from himself and Gemini. It will be the decision of Genesis Capital, its creditors, and bankruptcy officials to determine how proceeds are distributed to the Genesis Capital creditors. Will DCG help Genesis Capital satisfy its debts?ĭCG fully intends to address its obligations to Genesis Capital. DCG continues to engage with Genesis Capital and its creditors to reach an amicable solution for all parties. Multiple proposals have been exchanged between the parties. How has DCG engaged with Genesis Capital’s creditors?ĭCG has actively engaged with Genesis Capital’s creditors to reach agreement on a solution for all parties. In addition, after Three Arrows Capital defaulted, DCG contributed approximately $340 million of new equity across Genesis entities. DCG effectively assumed Genesis’ risk of loss on the Three Arrows Capital loan with no obligation to do so. DCG did not receive any cash, cryptocurrency, or other form of payment for the promissory note. DCG agreed to assign and exchange Genesis’ $1.1B unsecured loan receivable from Three Arrows Capital, the recovery on which was highly uncertain, with the promissory note from DCG. The $1.1B promissory note, which matures in 2032, represents DCG stepping in to help Genesis after the Three Arrows Capital default in June 2022. Every aspect of each subsidiary’s day-to-day business is directed by the respective subsidiary’s leadership team. Each subsidiary has its own culture, operational structure, and incentive mechanisms. Since DCG was founded in 2015, its subsidiaries have operated as independent companies with their own management teams, financial and risk management protocols, and legal and compliance oversight. What does Genesis Capital’s chapter 11 filing mean for DCG?ĭCG and its other subsidiaries will continue to operate business as usual. Any restructuring will ultimately be subject to the approval of the bankruptcy court. Genesis’ special committee of independent directors will make that decision with input from Genesis Capital’s creditors. Genesis Capital may seek to reorganize, sell its assets, or otherwise restructure its business. Bankruptcy Code that governs court-supervised corporate restructurings. No other Genesis entities have filed for bankruptcy protection.Ĭhapter 11 is a chapter of the U.S. Notably, Genesis Global Trading, Inc., Genesis’ spot and derivatives trading entity, continues to operate business as usual. (collectively, “ Genesis Capital ”) -have filed for chapter 11 bankruptcy protection. Only the Genesis lending entities-Genesis Global Holdco, LLC, Genesis Global Capital, LLC (“ GGC ”), and Genesis Asia Pacific Pte. Our goal is to win your business, one order at a time.What happens to Genesis Capital now that it has filed for chapter 11? Most of our products have a lifetime guarantee. In addition, should you ever have a problem with your order we will go out of our way to make it right. We are a leading distributer of changeable copy including gas station pricing numerals, theater letters including snap-lok and slotted letters, and we design and supply high quality cast metal plaques and etched plaques that incorporate your custom artwork. Fine ornate metal letters (both flat cut metal and cast metal) are available in a variety of styles and finishes such as aluminum, brass, bronze, copper, stainless steel, and baked enamel. We distribute plastic letters ( injection molded plastic letters, formed plastic letters, and cut acrylic letters). Our signs and letters are all of the highest quality craftsmanship and delivered with the impeccable reliability that clients have come to expect from us over time. Gemini Sign Corporation has been providing premium sign letters and high quality custom signs to businesses for over 40 years.
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