FTX Debtors Challenge Genesis' Claim of $0.00 in Critical Claims Estimate

FTX debtors have objected to Genesis' estimation that they are entitled to claims totaling "$0.00," which Genesis stated in an estimation procedures motion filed on June 1. FTX debtors alleged they were uninvolved in the mediation process and were not given "any advance notice" before the motion was filed. FTX lawyers were seeking almost $4 billion from Genesis, under bankruptcy laws allowing it to recoup "avoidable transfers" that occur in a 90-day period before a company declares bankruptcy. FTX debtors have submitted a motion seeking relief from the stay, which is a standard procedure when a firm files for bankruptcy.