“As with any reorganization, unfortunately, most shareholders get wiped out,” said CoinFlex CEO Mark Lamb and CRO Sudhu Arumugam. “This situation is no different.'
“The SmartBCH Alliance will take over as a creditor of [CoinFlex] for the amount of the BCH that it expends on performing these obligations. The Alliance will be treated like any other creditor with no change in the position of any of the other current creditors.”
CoinFlex plans to hold a community vote on the proposed restructuring on Sept. 25, with 75% of creditors voting yay considered sufficient to pass. The company will then pass the plan along with the vote count to the Seychelles Courts for final approval. “If everything is in order, we expect this process to take up to six weeks; however, this is just an estimate,” said Lamb and Arumugam.
A successful conclusion of this vote and acceptance by the Seychelles courts will mark the end of our restructuring period and the beginning of the next phase in our journey. We aim to emerge as a community owned business, with a new exciting focus. More details to come.
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