Bankrupt crypto lender Genesis Global Capital is dropping a proposed settlement with its parent, Digital Currency Group, focusing instead on suing the company, a lawyer for Genesis said on Tuesday.
Genesis sued DCG last month to recover about $620 million in outstanding loans but continued to consider a separate possible way to get money for creditors: a repayment plan that it had preliminarily agreed to with its parent. That deal could have allowed unsecured creditors to recover between 70 and 90 cents on the dollar, according to Genesis, but at least some of the company’s creditors were skeptical. ...
