Gemini co-founder, Cameron Winklevoss, has made a “final offer” in the debt-restructuring negotiations with bankrupt digital-asset firm Genesis. Winklevoss proposed a plan that includes $1.5 billion in forbearance payments and fresh loans, bringing months of negotiations and mediation to a head.
In an open letter posted on Twitter to Digital Currency Group (DCG) founder Barry Silbert, Winklevoss expressed frustration over delays on the part of DCG to come up with a satisfactory plan to repay Genesis creditors. This includes customers of Gemini’s Earn program, as DCG has also missed a payment of $630 million to Genesis.
Winklevoss shared a document titled “Best and Final Offer – July 3, 2023,” outlining a plan that involves $1.465 billion in payments and loans denominated in US dollars, bitcoin, and ether. The deadline to agree to the deal is set for 4 p.m. on July 6, according to Winklevoss’ letter.
“In addition to dragging out a resolution, they have ballooned professional fees to over $100 million, all of which have gone to lawyers and advisors at the expense of creditors and Earn users,” Winklevoss stated in his letter, referring to DCG’s actions.
Efforts to obtain a comment from DCG regarding the matter were unsuccessful at the time of reporting.
Winklevoss warned in the letter that failing to agree to the deal by the deadline could result in lawsuits against DCG and Silbert, as well as pushing DCG into default and pursuing a “non-consensual” debt-repayment plan.
Additional reporting for this article was provided by Elizabeth Napolitano.