"The disbursements were made in liquid cryptocurrency and cash at Jan. 16 prices. They cover roughly two-thirds of all eligible creditors of the crypto lender by number and about 93% of the eligible value, the administrator said in a Monday court filing."
"Given the small amounts at issue for many of these creditors, they may not be incentivized to take the steps needed to successfully claim a distribution."
"The plan to distribute more than $3 billion to Celsius creditors was determined at the end of January. In the seven months since, the 'distribution process contemplated by the Plan is likely the most complicated and ambitious distribution process ever attempted in a chapter 11 case.'"
"Celsius was not a fully regulatorily compliant business prepetition, and many regulators were pursuing enforcement actions against the Debtors, the complexity of the distribution process has increased."
Collection
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