Judge Halts Ownership Changes in Genesis Under DCG

In a notable legal update, a judge has ruled that the Digital Currency Group (DCG) cannot make any changes in ownership within its subsidiary, Genesis, until DCG successfully exits bankruptcy. This decision is designed to protect Genesis, which is part of DCG's tax consolidated group, and offers specific advantages to the cryptocurrency lender during its bankruptcy.



These protective measures will stay in place either until a Chapter 11 bankruptcy plan is effectively implemented or if the bankruptcy shifts to a Chapter 7 case, which would mean the liquidation of the business.



Since late November, Genesis has been advocating for DCG to retain more than 80% ownership. This is crucial for preserving the value of its parent company’s interest in the federal net operating loss (NOL) carryforwards within the DCG Group. NOL carryforwards


First found on: https://coinatory.com/cryptocurrency-news/judge-halts-genesis-15849/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP