In a surprising turn of events, FTX has announced a proposed plan to restart its platform, but this time, exclusively for international customers. This move has sparked a beacon of hope for their foreign account holders who were left in the lurch following the exchange's bankruptcy.
The proposed plan, as filed by the bankruptcy administrators, includes a reorganization strategy that creates different classes of claimants. The most intriguing part of the plan is the proposal for the "Dotcom clients" - beneficiaries of the FTX.com offshore exchange - to pool their assets to form a new offshore exchange company, essentially relaunching the FTX platform. This new exchange, however, will exclude customers in the United States.
The plan further delineates the claimants into various groups. Following the "Dotcom clients" are customers of the US exchange and NFT exchange, then general unsecured claims, secured claims, and subordinated claims, which include fines from taxes and penalties. The priority of these claims will be determined according to the "waterfall priorities," with each class receiving a pro-rata payout from the remaining pool after the preceding class is satisfied.
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In a twist to the traditional payout method, the plan suggests that instead of receiving a cash payment, claimants can opt for non-cash considerations such as stocks, tokens, or shares in the new exchange. This means that the claimants could potentially gain a stake in the relaunched platform.
However, the plan does not offer any payments to holders of the FTT token, which was previously considered a security by the US Securities and Exchange Commission (SEC). The plan clearly states that FTT requests will be canceled and released after the effective date of the plan.
