There is a 1 in a million chance that this user will succeed against the hedge fund
coinfeeds-bot on
tldr; An FTX customer, Nikolas Gierczyk, is suing hedge fund Olympus Peak, claiming the firm owes him additional recovery after selling his claims in the collapsed trading platform. Gierczyk sold his $1.59 million claim against FTX at a 42% discount, receiving $930,000. With FTX’s reorganization plan approved, customers are expected to receive 129% to 146% of their claims, potentially allowing Olympus Peak to profit over $1 million. Gierczyk alleges the hedge fund failed to honor an agreement for further recovery rights.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
InclineDumbbellPress on
David vs Goliath – Doubt the customer will get anything out of this but godspeed
kirtash93 on
I hope the user has good lawyers because FTX has an army of them.
TheSergeantWinter on
So you lost about 80% in the bankrupcty itself and then proceed to sell your claim for another 42% forfeiture just to avoid 30mins – 1hr of filing in a claim. And now also have to engage in a legal battle costing more money, just wow. At that point don’t even bother.
cisconate on
This right here is what keeps the hedge funds so arrogant
6 Comments
There is a 1 in a million chance that this user will succeed against the hedge fund
tldr; An FTX customer, Nikolas Gierczyk, is suing hedge fund Olympus Peak, claiming the firm owes him additional recovery after selling his claims in the collapsed trading platform. Gierczyk sold his $1.59 million claim against FTX at a 42% discount, receiving $930,000. With FTX’s reorganization plan approved, customers are expected to receive 129% to 146% of their claims, potentially allowing Olympus Peak to profit over $1 million. Gierczyk alleges the hedge fund failed to honor an agreement for further recovery rights.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
David vs Goliath – Doubt the customer will get anything out of this but godspeed
I hope the user has good lawyers because FTX has an army of them.
So you lost about 80% in the bankrupcty itself and then proceed to sell your claim for another 42% forfeiture just to avoid 30mins – 1hr of filing in a claim. And now also have to engage in a legal battle costing more money, just wow. At that point don’t even bother.
This right here is what keeps the hedge funds so arrogant