Gemini layers filed a response to the DCG recovery plan, accusing it of “gaslighting” Genesis creditors and making “misleading, and inaccurate assertions.”
In the September 15 filing, Gemini claims that DCG is trying to bait the Gemini lenders. Gemini believes that the agreement in principle does not ensure that DCG will repay fair amount back to creditors If they accept this deal, it would allow DCG to pay far less than it owes them.
Gemini lawyers called on DCG to improve the terms of the loan provided to Genesis and not to hide behind the cover of Genesis bankruptcy to justify their ambiguous recovery plans.
Earlier this week, DCG came up with this plan, stating it could give Gemini Earn users full recovery. It estimated that the proposed plan would seamlessly return 95-100% of creditors funds.
However, this deal is strongly opposed by Gemini as well as by the Ad Hoc Group, and the Fair Deal Group.
Gemini states in the filing that their lenders are too intelligent for DCG’s games, and they will not let DCG get away with promoting inflated values for its sub-market loans.