A group of FTX creditors, led by Sunil Kavuri, has filed an objection to the FTX reorganization plan on several grounds.
The group of creditors, led by Sunil Kavuri, cited several concerns, including forced taxation, which would compromise creditors’ best interests.
The creditors argued that being reimbursed with cash would trigger a taxable event, causing the creditors to incur undue costs. Reimbursement of assets in-kind was listed in the objection as a possible remedy. The UCC also argued that the provisions laid out in the plan would complicate the already bloated bankruptcy process, adding time and cost to the settlement proceedings.
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