The decision confirms the FTX estate's second amended bankruptcy plan, with approval from 96% of voting creditors and pledges cash repayments averaging 118% of losses.
Judge John T. Dorsey overruled objections from creditors concerning cash repayments, valuing FTT tokens at zero, despite concerns over property rights under FTX's terms.
Brian Glueckstein emphasized the FTT token's worthlessness, stating there was 'no basis' for assessing any value, confirming the bankruptcy estate's assessment.
Despite discussions on the FTT token's value, it surged 55% upon news of the bankruptcy plan approval, indicating a market reaction to legal developments.
Collection
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