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<aside> <img src="/icons/flash_gray.svg" alt="/icons/flash_gray.svg" width="40px" /> Get a higher recovery. The more customer voices we represent, the more negotiating power we will have to drive higher recovery for customers in this case.
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Why a new Committee?
On December 16th, the FTX debtors proposed a half-baked and value-destructive plan. We aim to fix it by retaining legal counsel, negotiating with the debtors and potentially litigating our property rights.
Since the Unsecured Creditors Committee has a fiduciary duty to all unsecured creditors including Alameda creditors, they are unlikely to file property litigation on behalf of only FTX customers. Nor is the Ad Hoc Committee counseled by Eversheds an option, as they already agreed to settle their litigation and are now bound by the Plan Support Agreement.
Plan Problems: