BlockFi Investor Presentation Deck
January 2023, 27 slides
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i progress since the first day hearing preview of sofas and schedules proposed agenda | BlockFi
progress since the first day hearing | BlockFi
initiated sale process shortly after the first day hearing the debtors commenced a marketing and sale process reaching out to domestic and international potential buyers for some or all of the business the debtors will file a motion seeking approval of bidding procedures at the omnibus hearing | BlockFi
filed wallet withdrawal motion as represented at the first day hearing the wallet withdrawal motion was filed and will be heard as soon as possible in with the committee the debtors seek to do right by their clients honor client withdrawals from their wallet accounts as of the platform pause time stamp update the user interface to reflect proper accounting of digital assets in wallet accounts as of the platform pause time stamp and conduct ordinary course reconciliation of client accounts a | BlockFi
second day motions retention applications the debtors filed a suite of second day motions and professional retention applications cole | BlockFi
the trustee appoints the clients committee on the trustee appointed the official committee of unsecured creditors which is comprised of individual clients | BlockFi
committee selects professionals the debtors and the committee met on | BlockFi
preview of sofas and schedules a a i | BlockFi
lendable | BlockFi
preview of sofas and schedules similar to many clients management team deployed their personal assets on the platform to trade earn interest and store different under the same terms of service as clients no member of the management team withdrew any from platform after and no member of management team made a withdrawal greater than in value at any time after august | BlockFi
preview of sofas and schedules for context in completed a total of billion in retail withdrawals and the management team withdrawals represent of that total volume | BlockFi
winter and industry in the summer of caused contagion across the sector and led to material withdrawals from platforms industry wide to protect clients funds executed a transaction in which committed to loan million in on a junior basis to obligations to its clients enabling to process billions of dollars in clients requested withdrawals and other transactions between june and strikes deal with option to buy lender the deal also includes a million credit facility for | BlockFi
impact of the transaction on executives employees and shareholders the transaction stabilized and protected clients but while the structure of the transaction secured liquidity for clients it led to executives and employees losing their own equity value also reorganized its reducing by over to attempt to further protect client value and set a course to return to profitability at the same time it became necessary and critical to implement a go forward compensation structure to retain business critical capabilities needed to effectuate the transaction thus in then board of directors approved a pronged strategy | BlockFi
pronged strategy | BlockFi
insider base salary adjustments following transaction the debtors intend to obtain court approval of a which excludes insiders in me | BlockFi
| BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement chronology | BlockFi
litigation settlement the threatened litigation was resolved in a confidential global settlement agreement and mutual release between the and the executives the settlement was brought to and approved by board of directors at the time of the settlement as a result of the transaction had an appointed observer to the board of directors appointed board observer stressed the importance of this settlement funded by to and its clients long term best interests due to the structure of the settlement certain payments from were routed through the executives and ultimately made to the the payments also created tax liabilities for the executives even though they did not keep the funds instead the individuals took the payments received from and paid them to the pursuant to the settlement agreement appropriate taxing authorities or both | BlockFi
proposed agenda | BlockFi
proposed agenda pleading docket no turnover motion adversary proceeding lift stay objection | BlockFi
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