Celsius is no longer worth anything? The crypto platform on the straw
Actions that count for butter? – Several actions of Celsius would no longer be good today except to obtain a tax deduction, whereas the company is still struggling to repay all of its debts to its customers.
More than 30,000 shares of Celsius are worthless
Celsius has not finished showing all the colors to its creditors and to the cryptosphere. The final jolt this time comes from the company’s co-founder, Daniel Leon.
On September 5, the law firm Kirkland & Ellis LLP who represents him deposit a statement confirming the client’s major shareholder status, with its 32,600 common shares.
The filing with the New Southern District Bankruptcy Court also seeks recognition of these actions as henceforth worthless. In other words, Daniel Leon believes that these actions will no longer generate income. However, this request, if approved, could allow him to benefit from a tax deduction.
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A reprieve but no light of hope on the horizon
Since he filed a bankruptcy petition last July, after suspending withdrawals on its platform the previous month, Celsius still failed to find a convincing solution to put out the fire.
Nevertheless, the company seems to have more cash and benefit from a longer reprieve, compared to the initial forecasts. Celsius was expected to be dry by next October, but the latest August 31 forecast, filed September 6 with the court, is relatively better.
The expected balance by the end of November is $42 millionagainst the $111 million approximately of cash, which the company currently has.
Celsius continues to pay for any management shortcomings in the past. The bear markets are not solely responsible for the current situation. The company would have lied about his financial health, like a good secretive villainfor a long time.
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