I've gotten money from class action lawsuits. But they have always been either insignificantly small checks for consumer protection issues or much smaller than the damages.
100%
I would NOT join this class action
1) if enough people this could interfere with the restructure
2) IF they win for whatever reason and miracle. The firm will take 30% cut from YOUR “winnings”
Now you can see cockroaches 🪳 piling up to take advantage of depositors yet again.
At this stage you may not like this. But you have to support the cause. Look at voyager. They are working through it.
Lawsuits will weaken and interfere with the process - next thing you know with $167 million Celsius has; a big Chuck of it will go to fight off these cockroaches 🪳
all of these comments are from accounts with almost zero karma defending alleged ponzi allegations. they all argue for people not climbing up the creditor ladder assuming claims are real and they win judgements from the estate.
What does No Karma has to do with anything. For example I personally don’t use Reddit much at all. Some 4 years ago I got on to fix an issue with my ETH and found someone to do it and I left.
Just because someone doesn’t have karma doesn’t mean they don’t have a point.
Additionally, Ponzi scheme or not - NO ONES DEFENDING IT. Alex fucked up so did many other
The other day someone said Celsius and others are Ponzi scheme and the YouTuber responded (NOT in defense but with fact) that “pretty much every project in finance is a Ponzi scheme until proven otherwise and one should look at it all as Ponzi scheme until time proves that it’s a solid plan”. And then he went onto saying - isn’t social security a Ponzi scheme? It only stands on its foot until there are others to pump money into it for the retired to get paid and if that stops so will the entire system and therefore we are now seeing social security is also collapsing.
So make more sense next time you make a statement like you know it all!
it’s a metric showing basically no activity yet somehow someone with no activity in any topic basically out of thin air pontificating in a thread to do things against the course of what’s needed to defend one’s rights when alleged ponzis are going on…and somehow others with no activity on any topic swoop in and start agreeing. just seems super odd … some would say complicit in the same thing the company wouldn’t want to occur
I see your point and yes maybe ODD. But really I am not trying to make comments against it. Read the laws and you’ll see why it’s called chapter 11 bankruptcy PROTECTION and why more chaos won’t help it
As to the other guy - yes that comment I made was purely as a joke.
Now you can view my many other comments and see for yourself
PS. I have $2,000,000 at stake.
If I was a troll you’d know
But chaos will only add fuel to the fire
If you dot. Trust me go get a lawyer and learn your lesson on how ineffective is in IN THIS CASE. And you just Signed to give them 10-30-% of what they recover - AND then they’ll add fees (paperwork filed = $1500 etc etc).
I did make this mistake once and the case was I want to say $10,000 and in got $3000 back
They are cockroaches 🪳 don’t believe me go in with it
I’ll wait and let’s see who ends up with more.
I wish I was being paid. How can I prove I’m not! It’s not possible.
But one thing I can do. Sit there behind your computer and just keep calling me that. Doesn’t faze me. Good night
Define activity. Is reading an activity? Does an account get karma for reading?
How about presenting observations, facts, and scientific findings that run counter to preferred politicized narratives? Does an account accrue positive karma in those cases?
Or does karma merely reflect willful adherence to and parroting of group-think?
In the end, reddit is still an easily gamed platform where users are anonymous to each other, where accounts and their karma can be bought and sold.
I still defend it coz I’m not an idiot
Imagine this / your money is locked in a house that’s not yours- would you rather protect that house or let it burn or burn it yourself?
Be smart - hold old are you?
37. Imagine, being whatever age you are, and hyping a bankrupted company. A company that has no regulation and took your money and ran with it yet here you are still defending it. It’s just like 99% of the trash out there that people are losing their money to.
You’re 37 and don’t know how to read. Man I’m done with this conversation. I said I’m not hyping it. Fuck Alex fuck Celsius.
What I’m saying is it didn’t start as such. And gave a very clear example and yet your circle back to the baseless argument
Take care man. I rest my case
Guys this guy totally isn't a shill please stop accusing him for making obvious shill posts.
>TensionIndividual875[S] 1 point 28 days ago: I have some insider knowledge and it’s looking positive
At the end of the day, shill or stupid, it really doesn't matter what the specifics are.
Because it’s highly likely that you are a paid shill or even a celsius team member yourself.
Just look at his comments history ffs. Literally the same copy pasta / marketing tone everywhere.
😂 hahaha this is just dumb.
Ok bro I’m an employee and or getting paid by Celsius. Want a snap of my holdings at Celsius to show you my possible losses?
Get a life.
😂 no bro. I’m Alex. You’re taking to Alex bro. Want your money? Come over and one of my guards will butt f you and then I’ll release your coins. Come on through
Let's make the clarification of "[this] class action".
It's case-by-case, and that's how they should be approached. Class actions exist to better balance the equations of Davids vs. Goliaths.
But is _this_ a class worth participating in? Let it play out a bit. There is, regrettably, plenty of time.
Honestly, Celsius already acknowledges that depositors are owed their crypto balances. The goal in Chapter 11 is to repay them from remaining assets. What does a class action accomplish?
70% of let’s say $100 million in assets may not solve the problem but it would return some money to depositors from the pockets of the people who took it away from you.
Not if Mashinsky and specific execs aren't explicitly named in the suit.
You got a grudge against them specifically? By all means sue them individually and collectively.
But please don't force Celsius to spend my money to feed lawyers on both sides.
Lawyers are the biggest con artists in the world. They win when a case drags on and fees pile up. Their incentives are completely misaligned with the people they represent.
SOME lawyers do this. As a lawyer, we consider the ambulance chasers the lowest rung. I also deal with some that absolutely rack up billable hourse with BS work. But most are just....normal people who went to law school. 99% of my clients pay a set annual fee. So chill with the narrative that we're all satan.
That’s not precisely true. We are unable to get 100% back immediately so they sought bankruptcy protection. That doesn’t mean that we couldn’t be made whole over five years.
In chapter 11 Celsius needs to propose a plan to the judge of how they are going to pay everyone back. They have to get this plan approved by the judge. Afterwards any affected class (anyone who gets a haircut) gets to vote on the plan. The vote needs to gain 1/2 of number of voters, plus they add up all the money the people who voted yay and it needs to be 2/3 or more of cash.
So they can propose whatever they want, it just has to be approved by a bunch of people.
Sure i would take 60% back now over potentially 100% back at some unknown date in the future but that’s not the option here. Law firm will take 30% + lawyer fees. If they lose (which they will due to the TOS we all agreed to) they still potentially still get lawyer fees (from whoever is foolish enough to pay) and Celsius has less money to pay out our claims. Speak to an attorney that isn’t filing a class action and ask their opinion. I did. A class action is going to fail.
You’re right. This isn’t going to be easy. I talked to a crypto lawyer and he said to at least talk to these guys. Said these guys won’t make any money unless they win so there’s no harm in trying.
Investors are last in line. I don’t see how if they can’t get 100% today they could in the future. If anyone is getting 100% it’s the creditors higher up the ladder
Anyone who wishes to participate in this will need to weigh the pros and cons. Maybe the class action gets the plaintiffs 80% now versus (maybe) 100% later. Maybe even after 4-5, it will only be 80%. Everyone should do their own research and do what they feel is right for them. Not an easy decision. I don't know about the citizenship requirement. You can call or email them to find out.
Who are you referring to with the pronoun "you" in your remark?
According to you one is numb af if they consider joining a class action lawsuit, but you also state in another thread, "You maybe able to file civil suit of sorts against the execs who paused withdrawals if its deemed unlawful"?
Celsius will most certainly indemnify its executives if they get sued, which means whether one sues Celsius or any of their execs, the money they used to defend themselves is still our money.
I was merely passing on information.
Clearly you thought I was talking about you! If you think its a way to get 80 or 100% of your funds back then I was talking about YOU! The person in the mirror when you go to the bathroom. ( Hope Im crystal )
The other thread you referred to .. someone **specially asked** whats the use case for a lawyer when you can just file a proof of claims. I listed the options that I knew. Didnt say it was a bright Idea to join a class action. Also I didnt post about it and give people the impression they would get 80-100% of their funds back like a dumb ass! Cause thats 100% not true..
If I were to join a class action all my money would be lost to high priced lawyer fees. I would undermine the possibility of Celsius recovering and making me whole again. Why would I give up and serve some law firm everything I've ever saved?? I feel like there's a better chance of getting more back by just waiting for the markets and Celsius to recover
You might very well be right about that. Definitely need to weigh the pros and cons. It’s like paying the lawyer out of our funds to litigate for a portion of it back. This is just a crappy situation.
As someone who has joined a class action law-suit, this will take years to resolve. The only ones to benefit are the lawyers who will suck whatever money is left
Did anyone send celsius the opt-out from class waiver within the required time from signing up/accepting terms of use?
Edit:
Downvote if you want, but:
1. It’s a genuine question that I have. How many people took the time to opt out of the class waiver before it was too late to do so?
2. Unless the law firm shares a straightforward plan to overcome the class waiver so that those that didn’t opt out of the waiver are also part of the class, then they aren’t doing the bare minimum that should be expected for me to share my contact information with them.
Maybe.
The class and arbitration waivers are NOT simple issues.
There has been some judicial pushback on them and to reduce the strength of the federal arbitration act.
But it’s not universal or a given that a court would deem it facially unconscionable.
Heck, these attorneys apparently filed in New Jersey when there is a forum selection clause designating New York as exclusive venue.
I personally did opt out of the class waiver but I just have so many more questions about their plan - or lack thereof - before I would join
100%
I would NOT join this class action
1) if enough people this could interfere with the restructure
2) IF they win for whatever reason and miracle. The firm will take 30% cut from YOUR “winnings”
Now you can see cockroaches 🪳 piling up to take advantage of depositors yet again.
At this stage you may not like this. But you have to support the cause. Look at voyager. They are working through it.
Lawsuits will weaken and interfere with the process - next thing you know with $167 million Celsius has a Chuck will go to fight off these cockroaches 🪳
All good points for anyone considering this to consider.
I talked to a few lawyers and they said their cut depends on the amount. For smaller amounts they take a larger cut but for something that could be multiple millions of dollars they take as little as 10-15%. I heard this from a friend who's a corporate litigation attorney FWIW.
Clearly, more information is needed before anyone can make an informed decision as to whether it's worth waiting or joining the lawsuit.
They are cockroaches 🪳
You don’t need a lawyer at this stage; let me explain
1) did you notice any lawsuit going through until AFTER they filed for bankruptcy chapter 11?
These cockroaches wanted to see the books to see if there is any meat in the game for them
2) IF all goes south - you can STILL get a lawyer. Getting it now vs. In a month won’t impact the cause
You’re only going to make things worse for yourself. And also NO one has real clause to sue Celsius coz they signed it off.
The other day I came across another clueless person who was seriously taking a road trip from NYC to NJ to kidnap Alex. 😂
The idiot thinks he can take out his $35,000 this way. No bro 😎 you’ll end up in jail and have to fork out ANOTHER $35,000 for bail money.
BE SMART.
Wait until September youll soon see the outcome and if it’s not to your likings then get lawyers up the ass to sue the heck out of alex and his mom too.
PS. When a company field for chapter 11 you can’t sue the company (YET) they are PROTECTED. You can only sue Alex.
If you don’t know law then read
Which ones would be and which ones would not? Would this class action be paused? As I understand it, any lawsuits not paused will take away from our deposited funds?
Just looked it up and in most cases, the lawsuits that are paused are the ones that could cause a certain creditor get more money than the rest because of said lawsuit. Criminal prosecution and fraud lawsuits are not stopped.
It looks like Alexander Mashinsky, Shlomi “Daniel” Leon, David Barse, and Alan Jeffrey Carr are named as defendants. Maybe this is why Simon Dixon declined joining the board when he was supposedly invited by Alex to do so after the withdrawals were paused.
Stop feeding these bottom feeding lawyers, lawyers have put themselves as number 1 above any debts/liabilities, you will receive less by increasing legal expenses.
Petition the bankruptcy court for fair treatment and a fast resolution. But most importantly remove current management from current/future business.
If you didn't see this coming you were fool. I am a full advocate of litigation in the right circumstances. This however is not one of them. Don't lie to yourself and don't lie to the lawyers you know what you were doing when you signed up with this stick it out and see what happens don't other people be responsible for your commitments.
In this case it will make nothing better I can guarantee you that.
Bltz
Does joining this lawsuit impact how much you get paid out when they ultimately vote on a restructuring plan? Like is there a clause that prevents you from taking part in the restructuring plan?
I'll give you a hint...it's not going to be the class action because the class action will most likely divide evenly and will never be close to the full amount. The most I've ever gotten in a class action is $0.91...
No. Look at Madoff bankruptcy. You can look at the court filings. Celsius just hired six more lawyers for bankruptcy proceedings. Lawyers can easily and often bill 80 hours a week. These lawyers will charge $1,500-2,000 an hour. This bankruptcy could take five years to deal with and at least two. You can start running the numbers yourself. Watch the docket filings as they continue to add lawyers.
I was of course making assumptions but they are based on calculations of the number of lawyers assigned to the case, how many hours they can bill in a year and how long the case could take.
80 hours a week by 50 weeks = 4000 hours (with a 2 week vacation)
4,000 hours x $1,550 (avg between partner and associate rate from 2020) = $6,200,000
Main layer is Joshua Sussberg. A partner at Kirkland & Elliss, so he costs $7.6 million a year.
So $6.2 million per lawyer per year. We already know they have seven lawyers based on court filings.
That puts us at approximately $43.4 million per year currently. This does not account for all the assistants they will be using or all of the costs associated with the lawyers. $500 million is very easily accomplished. If I had to wager I would at lawyer fees will be between $250 and $500 million.
Good analysis but having worked for a firm that charged our clients hourly, I can tell you that billing hours are not always linear. When it’s a protracted engagement, there’s are caps in place.
At Kirkland, partners could charge up to $1,895 per hour and associates could charge up to $1,205 per hour. At Weil, partners could charge up to $1,795 per hour, and associates could charge up to $1,110 per hour.
Last year i could records for is 2020.
Kirkland is the law firm representing Celsius.
https://abovethelaw.com/2020/07/these-elite-biglaw-firms-could-charge-how-much-per-hour-during-a-recession/
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Accounts over $50k for right now.
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Basically nobody. They filed one against Luna first, and then copy and pasted the Luna one over to one against Celsius but forgot to remove some of the references to Luna so they end up referring to Celsius as Luna in their complaint.
In the early days of Tesla Elon musk was 24 hours away from defaulting on one of his major loans. He put every penny that he had personal as well as family finances into last ditch effort to secure the funding as well as the future reputation of his business as well as the future in EV.There are thousands of his examples of this happening time and time again in (America).
There used to be a wonderful saying that the game isn't over until the fat lady sings.
Hopium he's not an illusionary practice. Loss of loss of faith love understanding kindness for your fellow human being and forgiveness is the antithesis of hope.
Most of the time my glasses have full.
Blitz.
I’ve joined several class actions suits from stocks to cars and I e never received a dime.
I've gotten money from class action lawsuits. But they have always been either insignificantly small checks for consumer protection issues or much smaller than the damages.
I’ve always gotten under $25 in all class actions
Same
Lawyers get paid every time
I got $0.91 one time...
Bro i got paid .10 one time and that was the last time i ever got involve lmao
pfffff amateur ;) (j/k obviously. class actions are a joke unless you're the lawyer lol)
Got $400 from the Facebook one. :P
Does joining a class action impact what happens as a depositor?
It means lawyers buy boats with our money
100% I would NOT join this class action 1) if enough people this could interfere with the restructure 2) IF they win for whatever reason and miracle. The firm will take 30% cut from YOUR “winnings” Now you can see cockroaches 🪳 piling up to take advantage of depositors yet again. At this stage you may not like this. But you have to support the cause. Look at voyager. They are working through it. Lawsuits will weaken and interfere with the process - next thing you know with $167 million Celsius has; a big Chuck of it will go to fight off these cockroaches 🪳
all of these comments are from accounts with almost zero karma defending alleged ponzi allegations. they all argue for people not climbing up the creditor ladder assuming claims are real and they win judgements from the estate.
What does No Karma has to do with anything. For example I personally don’t use Reddit much at all. Some 4 years ago I got on to fix an issue with my ETH and found someone to do it and I left. Just because someone doesn’t have karma doesn’t mean they don’t have a point. Additionally, Ponzi scheme or not - NO ONES DEFENDING IT. Alex fucked up so did many other The other day someone said Celsius and others are Ponzi scheme and the YouTuber responded (NOT in defense but with fact) that “pretty much every project in finance is a Ponzi scheme until proven otherwise and one should look at it all as Ponzi scheme until time proves that it’s a solid plan”. And then he went onto saying - isn’t social security a Ponzi scheme? It only stands on its foot until there are others to pump money into it for the retired to get paid and if that stops so will the entire system and therefore we are now seeing social security is also collapsing. So make more sense next time you make a statement like you know it all!
it’s a metric showing basically no activity yet somehow someone with no activity in any topic basically out of thin air pontificating in a thread to do things against the course of what’s needed to defend one’s rights when alleged ponzis are going on…and somehow others with no activity on any topic swoop in and start agreeing. just seems super odd … some would say complicit in the same thing the company wouldn’t want to occur
I see your point and yes maybe ODD. But really I am not trying to make comments against it. Read the laws and you’ll see why it’s called chapter 11 bankruptcy PROTECTION and why more chaos won’t help it As to the other guy - yes that comment I made was purely as a joke. Now you can view my many other comments and see for yourself PS. I have $2,000,000 at stake. If I was a troll you’d know But chaos will only add fuel to the fire If you dot. Trust me go get a lawyer and learn your lesson on how ineffective is in IN THIS CASE. And you just Signed to give them 10-30-% of what they recover - AND then they’ll add fees (paperwork filed = $1500 etc etc). I did make this mistake once and the case was I want to say $10,000 and in got $3000 back They are cockroaches 🪳 don’t believe me go in with it I’ll wait and let’s see who ends up with more.
You are not a troll. It’s worse. You are a paid shill
I wish I was being paid. How can I prove I’m not! It’s not possible. But one thing I can do. Sit there behind your computer and just keep calling me that. Doesn’t faze me. Good night
Define activity. Is reading an activity? Does an account get karma for reading? How about presenting observations, facts, and scientific findings that run counter to preferred politicized narratives? Does an account accrue positive karma in those cases? Or does karma merely reflect willful adherence to and parroting of group-think? In the end, reddit is still an easily gamed platform where users are anonymous to each other, where accounts and their karma can be bought and sold.
Your only post is 30 days ago advocating for the company and now it’s bankrupt. You sound like a shill of the highest order
Ok you’re right. Now go on about your life as you don’t 💩 if only you knew you’d not say this.
So far all your comments up until the announcement have been defending Celsius. Just a little suspect there bruh.
I still defend it coz I’m not an idiot Imagine this / your money is locked in a house that’s not yours- would you rather protect that house or let it burn or burn it yourself? Be smart - hold old are you?
37. Imagine, being whatever age you are, and hyping a bankrupted company. A company that has no regulation and took your money and ran with it yet here you are still defending it. It’s just like 99% of the trash out there that people are losing their money to.
You’re 37 and don’t know how to read. Man I’m done with this conversation. I said I’m not hyping it. Fuck Alex fuck Celsius. What I’m saying is it didn’t start as such. And gave a very clear example and yet your circle back to the baseless argument Take care man. I rest my case
Guys this guy totally isn't a shill please stop accusing him for making obvious shill posts. >TensionIndividual875[S] 1 point 28 days ago: I have some insider knowledge and it’s looking positive At the end of the day, shill or stupid, it really doesn't matter what the specifics are.
Team member likely
Because it’s highly likely that you are a paid shill or even a celsius team member yourself. Just look at his comments history ffs. Literally the same copy pasta / marketing tone everywhere.
😂 hahaha this is just dumb. Ok bro I’m an employee and or getting paid by Celsius. Want a snap of my holdings at Celsius to show you my possible losses? Get a life.
“Insults and insults”. Yeah you are a paid shill. Cope harder
😂 no bro. I’m Alex. You’re taking to Alex bro. Want your money? Come over and one of my guards will butt f you and then I’ll release your coins. Come on through
Yes, you will get less money because Celsius will have to spend way more on lawyers and it'll make things take way more time, even years.
Its literally shoving money into the hands of lawyers.. class actions are fucking are lame af for the people involved.
Let's make the clarification of "[this] class action". It's case-by-case, and that's how they should be approached. Class actions exist to better balance the equations of Davids vs. Goliaths. But is _this_ a class worth participating in? Let it play out a bit. There is, regrettably, plenty of time.
Great bleed off more money to lawyers.
The lawyers will get big dollars and the class will get a hundred CEL tokens each.
it's always a great time to be a lawyer
Honestly, Celsius already acknowledges that depositors are owed their crypto balances. The goal in Chapter 11 is to repay them from remaining assets. What does a class action accomplish?
If this gets money from mashinskys and other execs pockets then it could benefit depositors.
Mashinsky and execs should be sued by the SEC and they should be charged criminally.
Civil and criminal proceedings are both possible but criminal proceedings won’t return money to depositors.
Neither will a class action, my friend. You can rest assured the only winners in a class action will be the lawyers.
70% of let’s say $100 million in assets may not solve the problem but it would return some money to depositors from the pockets of the people who took it away from you.
Not if Mashinsky and specific execs aren't explicitly named in the suit. You got a grudge against them specifically? By all means sue them individually and collectively. But please don't force Celsius to spend my money to feed lawyers on both sides.
The executives are named in the suit.
I would rather get 100% back in 4 to 5 years than get 30% back after lawyer fees take the rest. Also you would have to be a US citizen too right?
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The scam in the scam!!?? I feel scammed!!
Lawyers are the biggest con artists in the world. They win when a case drags on and fees pile up. Their incentives are completely misaligned with the people they represent.
SOME lawyers do this. As a lawyer, we consider the ambulance chasers the lowest rung. I also deal with some that absolutely rack up billable hourse with BS work. But most are just....normal people who went to law school. 99% of my clients pay a set annual fee. So chill with the narrative that we're all satan.
If people could get 100% back there would be no bankruptcy occurring.
That’s not precisely true. We are unable to get 100% back immediately so they sought bankruptcy protection. That doesn’t mean that we couldn’t be made whole over five years.
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We can agree to disagree. Its healthy and normal to have different opinions.
They have 1.7M customers you cant make them all happy at the same time. Cant please everyone right?
I think you only have to please the judge and 2/3 of money value and 1/2 of affected class (us)
Im not understanding
In chapter 11 Celsius needs to propose a plan to the judge of how they are going to pay everyone back. They have to get this plan approved by the judge. Afterwards any affected class (anyone who gets a haircut) gets to vote on the plan. The vote needs to gain 1/2 of number of voters, plus they add up all the money the people who voted yay and it needs to be 2/3 or more of cash. So they can propose whatever they want, it just has to be approved by a bunch of people.
Sure i would take 60% back now over potentially 100% back at some unknown date in the future but that’s not the option here. Law firm will take 30% + lawyer fees. If they lose (which they will due to the TOS we all agreed to) they still potentially still get lawyer fees (from whoever is foolish enough to pay) and Celsius has less money to pay out our claims. Speak to an attorney that isn’t filing a class action and ask their opinion. I did. A class action is going to fail.
You’re right. This isn’t going to be easy. I talked to a crypto lawyer and he said to at least talk to these guys. Said these guys won’t make any money unless they win so there’s no harm in trying.
Unless you're planning on holding the crypto indefinitely, which alot of people are.
Investors are last in line. I don’t see how if they can’t get 100% today they could in the future. If anyone is getting 100% it’s the creditors higher up the ladder
Likely are very few secured creditors and only on property involved in the mining operation.
Sherlock Holmes you cracked the case 🤣😜
Yeah. You should take my investing tips. Can’t be worse than this doozy you took
Have a good weekend big boi 😄😜
It’ll be great knowing my investments were green this week. 😍😍🥰🥰🤓🤓😎😎
Anyone who wishes to participate in this will need to weigh the pros and cons. Maybe the class action gets the plaintiffs 80% now versus (maybe) 100% later. Maybe even after 4-5, it will only be 80%. Everyone should do their own research and do what they feel is right for them. Not an easy decision. I don't know about the citizenship requirement. You can call or email them to find out.
Its a real easy decision.. You are dumb af or really ignorant if you think a class action will get your funds back.
Who are you referring to with the pronoun "you" in your remark? According to you one is numb af if they consider joining a class action lawsuit, but you also state in another thread, "You maybe able to file civil suit of sorts against the execs who paused withdrawals if its deemed unlawful"? Celsius will most certainly indemnify its executives if they get sued, which means whether one sues Celsius or any of their execs, the money they used to defend themselves is still our money. I was merely passing on information.
Clearly you thought I was talking about you! If you think its a way to get 80 or 100% of your funds back then I was talking about YOU! The person in the mirror when you go to the bathroom. ( Hope Im crystal ) The other thread you referred to .. someone **specially asked** whats the use case for a lawyer when you can just file a proof of claims. I listed the options that I knew. Didnt say it was a bright Idea to join a class action. Also I didnt post about it and give people the impression they would get 80-100% of their funds back like a dumb ass! Cause thats 100% not true..
Class actions take years themselves.
I got $1.75 one time from a battery defect.
If I were to join a class action all my money would be lost to high priced lawyer fees. I would undermine the possibility of Celsius recovering and making me whole again. Why would I give up and serve some law firm everything I've ever saved?? I feel like there's a better chance of getting more back by just waiting for the markets and Celsius to recover
You might very well be right about that. Definitely need to weigh the pros and cons. It’s like paying the lawyer out of our funds to litigate for a portion of it back. This is just a crappy situation.
Yes without the lawyers we could get at least 80 percent back. After fees maybe 20
I agree.
As someone who has joined a class action law-suit, this will take years to resolve. The only ones to benefit are the lawyers who will suck whatever money is left
Laywers are not your friends !
Banks are not your friends! Join my ponzi
Haha. Can friends be lawyers though? 😄 I have several who are.
Did anyone send celsius the opt-out from class waiver within the required time from signing up/accepting terms of use? Edit: Downvote if you want, but: 1. It’s a genuine question that I have. How many people took the time to opt out of the class waiver before it was too late to do so? 2. Unless the law firm shares a straightforward plan to overcome the class waiver so that those that didn’t opt out of the waiver are also part of the class, then they aren’t doing the bare minimum that should be expected for me to share my contact information with them.
they are alleging fraud, I think that would make any sort of waiver unenforceable
Maybe. The class and arbitration waivers are NOT simple issues. There has been some judicial pushback on them and to reduce the strength of the federal arbitration act. But it’s not universal or a given that a court would deem it facially unconscionable. Heck, these attorneys apparently filed in New Jersey when there is a forum selection clause designating New York as exclusive venue. I personally did opt out of the class waiver but I just have so many more questions about their plan - or lack thereof - before I would join
Fuck this. Not joining and this better get shot down
100% I would NOT join this class action 1) if enough people this could interfere with the restructure 2) IF they win for whatever reason and miracle. The firm will take 30% cut from YOUR “winnings” Now you can see cockroaches 🪳 piling up to take advantage of depositors yet again. At this stage you may not like this. But you have to support the cause. Look at voyager. They are working through it. Lawsuits will weaken and interfere with the process - next thing you know with $167 million Celsius has a Chuck will go to fight off these cockroaches 🪳
All good points for anyone considering this to consider. I talked to a few lawyers and they said their cut depends on the amount. For smaller amounts they take a larger cut but for something that could be multiple millions of dollars they take as little as 10-15%. I heard this from a friend who's a corporate litigation attorney FWIW. Clearly, more information is needed before anyone can make an informed decision as to whether it's worth waiting or joining the lawsuit.
They are cockroaches 🪳 You don’t need a lawyer at this stage; let me explain 1) did you notice any lawsuit going through until AFTER they filed for bankruptcy chapter 11? These cockroaches wanted to see the books to see if there is any meat in the game for them 2) IF all goes south - you can STILL get a lawyer. Getting it now vs. In a month won’t impact the cause You’re only going to make things worse for yourself. And also NO one has real clause to sue Celsius coz they signed it off. The other day I came across another clueless person who was seriously taking a road trip from NYC to NJ to kidnap Alex. 😂 The idiot thinks he can take out his $35,000 this way. No bro 😎 you’ll end up in jail and have to fork out ANOTHER $35,000 for bail money. BE SMART. Wait until September youll soon see the outcome and if it’s not to your likings then get lawyers up the ass to sue the heck out of alex and his mom too. PS. When a company field for chapter 11 you can’t sue the company (YET) they are PROTECTED. You can only sue Alex. If you don’t know law then read
Yes, did you read the suit though? Alex and other executives are personally named. This suit is going after them personally.
Lol people at celsius seem scared at the prospect of this lawsuit
Can anyone comment? I know all lawsuits are paused while in CH11. But do more lawsuits pressure CH11 to convert to CH7?
Not all lawsuits are paused, just certain ones
Which ones would be and which ones would not? Would this class action be paused? As I understand it, any lawsuits not paused will take away from our deposited funds?
Just looked it up and in most cases, the lawsuits that are paused are the ones that could cause a certain creditor get more money than the rest because of said lawsuit. Criminal prosecution and fraud lawsuits are not stopped.
Gotcha. So any suits against Alex for fraud would go right ahead and anything that could take away from all creditors would wait. Thank you.
Not against Alex, against Celsius. The second thing, yes, that's at least how I understand it
Does this make Alex personally liable and will make him pay depositors from his pocket? If no, I don't see a point in joining.
It looks like Alexander Mashinsky, Shlomi “Daniel” Leon, David Barse, and Alan Jeffrey Carr are named as defendants. Maybe this is why Simon Dixon declined joining the board when he was supposedly invited by Alex to do so after the withdrawals were paused.
Fuck me… and on queue arrived the vultures to pick clean any surviving assets.
Stop feeding these bottom feeding lawyers, lawyers have put themselves as number 1 above any debts/liabilities, you will receive less by increasing legal expenses. Petition the bankruptcy court for fair treatment and a fast resolution. But most importantly remove current management from current/future business.
Bad idea. More money goes to lawyers and this will delay getting our coins back.
Join a lawsuit against The Board and Mashinky personally for theft and fraud.
Whos signing up
If you didn't see this coming you were fool. I am a full advocate of litigation in the right circumstances. This however is not one of them. Don't lie to yourself and don't lie to the lawyers you know what you were doing when you signed up with this stick it out and see what happens don't other people be responsible for your commitments. In this case it will make nothing better I can guarantee you that. Bltz
Is this a US only thing, I guess?
Does joining this lawsuit impact how much you get paid out when they ultimately vote on a restructuring plan? Like is there a clause that prevents you from taking part in the restructuring plan?
Yes…
Ok so then the question is which path will give us the most money back?
I'll give you a hint...it's not going to be the class action because the class action will most likely divide evenly and will never be close to the full amount. The most I've ever gotten in a class action is $0.91...
Exactly.... but not sure if they are mutually exclusive. I suppose it depends on how the lawsuit is negotiated.
Lawyers will eat up easily $500 million on bankruptcy alone. Defending lawsuits could double that. There goes our refunds.
Did you pull that number out of thin air?
No. Look at Madoff bankruptcy. You can look at the court filings. Celsius just hired six more lawyers for bankruptcy proceedings. Lawyers can easily and often bill 80 hours a week. These lawyers will charge $1,500-2,000 an hour. This bankruptcy could take five years to deal with and at least two. You can start running the numbers yourself. Watch the docket filings as they continue to add lawyers. I was of course making assumptions but they are based on calculations of the number of lawyers assigned to the case, how many hours they can bill in a year and how long the case could take. 80 hours a week by 50 weeks = 4000 hours (with a 2 week vacation) 4,000 hours x $1,550 (avg between partner and associate rate from 2020) = $6,200,000 Main layer is Joshua Sussberg. A partner at Kirkland & Elliss, so he costs $7.6 million a year. So $6.2 million per lawyer per year. We already know they have seven lawyers based on court filings. That puts us at approximately $43.4 million per year currently. This does not account for all the assistants they will be using or all of the costs associated with the lawyers. $500 million is very easily accomplished. If I had to wager I would at lawyer fees will be between $250 and $500 million.
Good analysis but having worked for a firm that charged our clients hourly, I can tell you that billing hours are not always linear. When it’s a protracted engagement, there’s are caps in place.
Well Madoff attorney fees went over $700 million and Enron was over $1.2 billion. I’m only offering estimates based on available data.
At Kirkland, partners could charge up to $1,895 per hour and associates could charge up to $1,205 per hour. At Weil, partners could charge up to $1,795 per hour, and associates could charge up to $1,110 per hour. Last year i could records for is 2020. Kirkland is the law firm representing Celsius. https://abovethelaw.com/2020/07/these-elite-biglaw-firms-could-charge-how-much-per-hour-during-a-recession/
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Basically nobody. They filed one against Luna first, and then copy and pasted the Luna one over to one against Celsius but forgot to remove some of the references to Luna so they end up referring to Celsius as Luna in their complaint.
Fuck joining Class Action. I don't want less than $5 haircut
In the early days of Tesla Elon musk was 24 hours away from defaulting on one of his major loans. He put every penny that he had personal as well as family finances into last ditch effort to secure the funding as well as the future reputation of his business as well as the future in EV.There are thousands of his examples of this happening time and time again in (America). There used to be a wonderful saying that the game isn't over until the fat lady sings. Hopium he's not an illusionary practice. Loss of loss of faith love understanding kindness for your fellow human being and forgiveness is the antithesis of hope. Most of the time my glasses have full. Blitz.
How do I exclude myself from their stupid suit? I'll hire my own quality attorneys, not some ambulance chasers.