.DCGco owes its bankrupt subsidiary Genesis Global Capital more than $1.65B, according to court filings. egreechee reports
Bankruptcy filings for Genesis Global and its related entities show parent Digital Currency Group owes its affiliate more than $1.65 billion. DCG is also the parent company of CoinDesk.are holding company Genesis Global Holdco , lender Genesis Global Capital and Genesis Asia Pacific .
The special committee is investigating the lending activities between GGC and DCG in order to determine whether the bankrupt companies have any viable claims against DCG related to these transactions that could help with the restructuring. The probe is being conducted by law firm Cleary Gottlieb Steen & Hamilton LLP – which represents Genesis in the proceedings – led by Lev Dassin, a former Acting U.S. Attorney for the SDNY.
The committee is also investigating potential avoidance actions and types of actions concerning DCG entities, Gemini Trust Company, LLC, and other Genesis lenders. Anmeans the debtors will look to avoid or nullify certain fund transfers they made before they filed for Chapter 11.
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