Topic: BlockFi Loan Advocates (Read 66 times)

That's actually common. Employees get paid 1st, basic labor law in the US.

Not to mention, the money might have already been there so to speak. The payroll company (most places do not do it in house) might have gotten the estimated funds to pay everyone though a certain date. At that point it's not Blockfi's money anymore and it's not the payroll companies money, it belongs to the employees.

As for getting legal advice, it seems pretty pointless at this point. The bankruptcy judge is fully in control at this point. Lawyers are going to argue for this or that, but the people with massive claims are going to have some pretty good legal representation. Don't know what a few hundred small people are going to be able to do vs massive money from other places.

-Dave

Supposedly... the judge allowed Blockfi employees to take their full pay and bonuses?

https://old.reddit.com/r/BlockfiLoanAdvocates/

The BlockfiLendingAdvocates group is the rapidly growing Reddit community (now more than 143 members strong) raising awareness of the legal rights of the Blockfi Loan Holders for a favorable ruling for the return of their collateral. This open, free-to-participate group shares valuable information on bankruptcy proceedings on loan collateral, answers each others questions, and discusses strategy and best options for a favorable outcome.

A subset of this group (Ad-Hoc Committee of Blockfi Loan Holders) is funding to retain an experienced bankruptcy attorney for legal representation to make the fight on our behalf for a favorable ruling direct with the bankruptcy judge, the UCC, and Blockfi. This subgroup regularly interfaces directly with our counsel to receive legal advice, discuss legal options and strategies, answers open questions, and receives first hand updates on proceedings. Our legal counsel is only allowed to provide legal advice direct to this paying group, but the advice he will give should be generally applicable to most, if not all, group members.

Note that we are all in the same boat. Some people may have more collateral on the line, but the Ad-Hoc Committee aims to act in the best interests of everyone.

Over the next few days, we will review a draft engagement letter and hopefully, begin truly engaging with legal counsel to get more information about how the Court currently views loan-holders, and what we can do, if anything, to optimize the outcome for Loan Holders.