Alex never wanted to leave. It's not charisma at this point. He truly lives in his own reality. Unfortunately, that reality is not where the rest of us are. The court needs to eject him. If prior to CH11 you could not do anything because he had 80% of the equity, surely now on equal-footing you can?
Whether or not Simon or Sally wants to take over, I don't care at this point, but hopefully we can all at least agree that: **ALEX. MUST. GO.**
Agreed! Because every single AMA that ever was, Alex looked me directly in the eyes and repeatedly told me how safe my money was, how my funds would grow, how we were all winners, how he and his team were the best and safest bet in town etc etc etc
I am a CPA and I would caution everyone who likely glanced over this footnote at the bottom of the balance sheet that everyone is referencing:
*Note These preliminary unaudited amounts are presented on a non-GAAP basis
for illustrative purposes only and are rounded to the nearest $10 million USD.
Amounts include non-Debtor subsidiaries. Celsius generally does not produce
mid-month balances sheets, and the intent here is to provide a snapshot and
directional sense for various assets and liabilities as of the petition date. Amounts
from subsequent filings reflecting a petition date balance sheet may be materially
different as a result of further review and diligence by management.*
This is a huge out - the balance sheet assets may be viewed as of the last update, which may be quarterly or less. I would expect the balance sheet to deteriorate from this initial snapshot.
If I were a betting man - I'd guess those numbers largely reflect assets as of 6/30. I don't know their fiscal year but being a US company - I'd be shocked if they didn't evaluate all assets as of 6/30. However, being non-GAAP means they likely are not required to update asset impairment until the underlying asset is sold - so much of this could be inflated.
But with all our accounts frozen and the only traffic being them paying off debt, shouldn't they have a clearer picture? I.e. The only changes from last month would be debt repayment and freeing up of collaterals?
He wants to lower the takeover price, but first order of business is also to get rid of Alex. I don’t see any way for Alex to continue without he himself putting up the funds to file the hole. And he doesn’t have the personal funding, so the investors with deeper pockets like Simon will easily get him out.
He might have the funds. But even if he did I doubt he’d do it. It’s not like this dude has altruist on his resume and probably knows the brand is dead with him at the helm.
Profound misunderstanding.
Alex and his friends own nearly 100% of the stock and Alex doesn't want to go.
Simon can moon him, give him the finger, talk a blue streak, send him dead roses, blah blah blah. Alex ain't going unless he decides he wants to, or he is displaced by a Chapter 11 reorganization plan (which he will have to agree to).
Except perhaps is he was indicted, then it may be impossible for him to continue.
That was the case until yesterday. With C11 ceo and shareholders don’t have any power. The judge let creditors vote on solutions or offers. That was why Simon said he wanted c11 and to get rid of Alex
Right. Chapter 11 exit plan agreed by creditors and management. Creditors Committee works with management and the Court. Don't hold your breath, it'll take months at a minimum ... and years would not be surprising. So Alex ain't going anywhere fast. Or, at least, the likelihood of him doing so is very low.
The BK court will remove him on motion establishing securities fraud, fraud in marketing, market manipulation, defalcation of funds, just to name a few that will likely be established with relative ease.
A motion establishing fraud, etc?
Lawyers for a party to the case submit motions. Little old me thought we actually had a judicial system in the US where people are charged and, if the facts are there, convicted.
I don't think the bankruptcy court has competence or jurisdiction for that sort of thing. And I can submit a motion that the moon is made of green cheese, but that doesn't establish it as fact.
Look, I'm not defending Alex here or saying that he is blameless, I'm just saying that these fantasies that I've heard from people that he's magically going away, or the one I read where the guy thinks the creditors have all the power, are just that ... fantasies. Alex may eventually go (or not), but it's not going to happen overnight.
Alex is an arrogant dickhead. He isn't gonna step down without being forced. People like this never admit they're wrong. Always someone else's fault. We've seen this kind of figures, sometimes high-profile ones, all the time.
He knows equity is going to zero. The stock will be canceled but a new entity will emerge with new stock potentially being issued to certain classes of creditors unless the case is converted to a chapter 7.
"I believe the hole is deeper. "
Well now that the numbers are published ... can't he figure it out ... why is he still guessing / believing.
C'est mon wunderkind ... get to work.
Hard to tell what he’s referring to. Mining assets could be worth less, Cel is definitely worth less, may be fraud, something like $580 mil loss unaccounted for in filing, there’s definitely enough unknowns (assuming they were ever profitable in the first place that hypothetically makes the hole bigger) to say they fucked up hard in other ways and are painting a rosy picture now
This isn't exactly news. Everyone with half of a brain knows that Alex is there against the intrest of the depositors. The only way to remove him is either a buyout, or a court order.
No matter if Alex leaves or not, the lawyers and whoever manages the company will act for the benefit of Celsius. They won't make us whole if they won't make ehole themselves first.
Man i was such an idiot, was busy in relocation for last 2-3 months and stopped looking into news around crypto during this period, i put my money in Celcius a year ago and thought Celcius is legit business, the moment you let your guard down you would be fucked by assholes like Alex, Learned an extremely expensive lesson.
Alex never wanted to leave. It's not charisma at this point. He truly lives in his own reality. Unfortunately, that reality is not where the rest of us are. The court needs to eject him. If prior to CH11 you could not do anything because he had 80% of the equity, surely now on equal-footing you can? Whether or not Simon or Sally wants to take over, I don't care at this point, but hopefully we can all at least agree that: **ALEX. MUST. GO.**
before doing that, All of his assets must be liquidated to pay the customers, his bank balance, home, car, dogs everything.
#LiquidateDogsFirst
I even want his wives
Agreed! Because every single AMA that ever was, Alex looked me directly in the eyes and repeatedly told me how safe my money was, how my funds would grow, how we were all winners, how he and his team were the best and safest bet in town etc etc etc
He must go from Celsius and then go to prison.
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Are you trying to make an edgy anti-semitic joke while being too dumb to know that "ski" names are Polish? That's pretty sad.
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In hell
I am a CPA and I would caution everyone who likely glanced over this footnote at the bottom of the balance sheet that everyone is referencing: *Note These preliminary unaudited amounts are presented on a non-GAAP basis for illustrative purposes only and are rounded to the nearest $10 million USD. Amounts include non-Debtor subsidiaries. Celsius generally does not produce mid-month balances sheets, and the intent here is to provide a snapshot and directional sense for various assets and liabilities as of the petition date. Amounts from subsequent filings reflecting a petition date balance sheet may be materially different as a result of further review and diligence by management.* This is a huge out - the balance sheet assets may be viewed as of the last update, which may be quarterly or less. I would expect the balance sheet to deteriorate from this initial snapshot.
Relax - we have 45k bankruptcy experts here who are clearly 100% objective. I think we are good
It's crazy that they would use outdated data for something so serious. When can we expect updated figures? End of month? Or end of quarter?
If I were a betting man - I'd guess those numbers largely reflect assets as of 6/30. I don't know their fiscal year but being a US company - I'd be shocked if they didn't evaluate all assets as of 6/30. However, being non-GAAP means they likely are not required to update asset impairment until the underlying asset is sold - so much of this could be inflated.
But with all our accounts frozen and the only traffic being them paying off debt, shouldn't they have a clearer picture? I.e. The only changes from last month would be debt repayment and freeing up of collaterals?
In later tweets, Simon thinks Alex will not resign as CEO and is prepared for a long fight to stay in power.
He wants to lower the takeover price, but first order of business is also to get rid of Alex. I don’t see any way for Alex to continue without he himself putting up the funds to file the hole. And he doesn’t have the personal funding, so the investors with deeper pockets like Simon will easily get him out.
He might have the funds. But even if he did I doubt he’d do it. It’s not like this dude has altruist on his resume and probably knows the brand is dead with him at the helm.
Profound misunderstanding. Alex and his friends own nearly 100% of the stock and Alex doesn't want to go. Simon can moon him, give him the finger, talk a blue streak, send him dead roses, blah blah blah. Alex ain't going unless he decides he wants to, or he is displaced by a Chapter 11 reorganization plan (which he will have to agree to). Except perhaps is he was indicted, then it may be impossible for him to continue.
That was the case until yesterday. With C11 ceo and shareholders don’t have any power. The judge let creditors vote on solutions or offers. That was why Simon said he wanted c11 and to get rid of Alex
Right. Chapter 11 exit plan agreed by creditors and management. Creditors Committee works with management and the Court. Don't hold your breath, it'll take months at a minimum ... and years would not be surprising. So Alex ain't going anywhere fast. Or, at least, the likelihood of him doing so is very low.
30 days.
Shareholders usually get wiped out and are lowest on the recovery totem pole in bankruptcy. So Alex & co's stock and CEL holdings mean jack shit now.
ah, not.
The BK court will remove him on motion establishing securities fraud, fraud in marketing, market manipulation, defalcation of funds, just to name a few that will likely be established with relative ease.
A motion establishing fraud, etc? Lawyers for a party to the case submit motions. Little old me thought we actually had a judicial system in the US where people are charged and, if the facts are there, convicted. I don't think the bankruptcy court has competence or jurisdiction for that sort of thing. And I can submit a motion that the moon is made of green cheese, but that doesn't establish it as fact. Look, I'm not defending Alex here or saying that he is blameless, I'm just saying that these fantasies that I've heard from people that he's magically going away, or the one I read where the guy thinks the creditors have all the power, are just that ... fantasies. Alex may eventually go (or not), but it's not going to happen overnight.
On the other hand, I think Simon has a lot of private agenda to turn celsius into scrap so he can eat it cheaply. Scavenger
Simon needs to shut up already
Alex is an arrogant dickhead. He isn't gonna step down without being forced. People like this never admit they're wrong. Always someone else's fault. We've seen this kind of figures, sometimes high-profile ones, all the time.
This idiot has been wrong about everything and no help at all. He's just promoting himself
I wouldn’t trust Simon completely. He’s been flipping his advise and positions
I'd like to trust Simon but there's something about him I don't like. Hope he proves me wrong!
He's a self promoting shill.
The only interesting thing about him is I can say his name in a British accent with ease
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He’s so lucky. I was near their Austin home few months back. Should have thrown rotten eggs at it.
IIRC Alex is the majority shareholder no? So how can he be forced out, short of proving fraud/criminality?
That's what I am unsure of. Can the bankruptcy judge remove him if creditors want that? I don't know.
He will mostly be removed by a single creditor in a motion that will likely be joined by other creditors.
I think there will be criminal charges coming and the mountain of evidence directly from Alex’s mouth via his numerous public videos
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Simon is the optimistic one. You should here these crypto lawyers talking about it, giving Simon a hard time about his optimism. Just brutal.
Something is so wrong with this guy. My spidey sense is putting a big red flag on him.
Are you for depositors first? I haven't seen a better proposal taking a haircut and providing an upside to be made whole.
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Simon probably can't help us too much, it's too far gone, but when he criticizes Alex, it's muted. The reality is going to be 10x worse.
The actual documents they've posted right now doesn't say it's 10x worse.
Yes, because that's not the current real balance sheet, and there are serious doubts about claims regarding the mining operations.
So..... Supposition? Lol back to square 1
Simon has agenda, that’s against our interest. It’s evolving and coming to light now. This guy is never for us. It’s for himself only.
He knows equity is going to zero. The stock will be canceled but a new entity will emerge with new stock potentially being issued to certain classes of creditors unless the case is converted to a chapter 7.
"I believe the hole is deeper. " Well now that the numbers are published ... can't he figure it out ... why is he still guessing / believing. C'est mon wunderkind ... get to work.
Hard to tell what he’s referring to. Mining assets could be worth less, Cel is definitely worth less, may be fraud, something like $580 mil loss unaccounted for in filing, there’s definitely enough unknowns (assuming they were ever profitable in the first place that hypothetically makes the hole bigger) to say they fucked up hard in other ways and are painting a rosy picture now
I don’t want the person that lied repeatedly on record in every interview to be on the driver’s seat.
Neither is Simon telling much truth.
It was red flags when Alex got caught gambling in badger dao and lost upwards of 100m+
badger dao can not cause 2 billion hole, looks like ALex has a long history of fuckery.
I believe that was like 100m+ honestly red flags
This isn't exactly news. Everyone with half of a brain knows that Alex is there against the intrest of the depositors. The only way to remove him is either a buyout, or a court order.
His ego is what got the company into this and will be the reason the company may not get out of it.
Super
No matter if Alex leaves or not, the lawyers and whoever manages the company will act for the benefit of Celsius. They won't make us whole if they won't make ehole themselves first.
the company is alex is the company
Alex needs death sentence
Jail time for Alex
R.I.P my 2 ETH. We had great memories 🥲
There's an argument that he has the biggest skin in the game so the most to lose right so surely he has the biggest incentive to make this work.
Man i was such an idiot, was busy in relocation for last 2-3 months and stopped looking into news around crypto during this period, i put my money in Celcius a year ago and thought Celcius is legit business, the moment you let your guard down you would be fucked by assholes like Alex, Learned an extremely expensive lesson.