A request from Celsius investors to be named a protected class in the Celsius Network bankruptcy case was summarily denied by Judge Martin Glenn on Aug. 25.
Judge Martin Glenn shot down efforts to have a special shareholders class declared in the Celsius Network bankruptcy case in a court documentIn a motionon July 25 and heard before the United States Bankruptcy Court Southern District New York on Aug. 14, investor Otis Davis asked the court to create a legal class for investors to be considered separate from Celsius Network employees and customers.
Davis also requested that the court sanction the legal team representing the Unsecured Creditors Committee over alleged failure to disclose required information. The filing further asked the court to declare CEL “not a security” in light of the recent findings in the SEC vs Ripple where, according to Davis, Judge Analisa Torres determined that XRP was not a security.It’s worth mentioning that, in the XRP case, Judge Torres ruled that Ripple was not a security in regards to programmatic sales on digital asset exchanges. In the same ruling, however, Judge Torres also said that Ripple was a security when sold to institutional investors.
In the Celsius bankruptcy case, Judge Glenn’s response was relatively swift, denying all three motions set forth just eleven days after motion was argued in an Aug. 14 hearing.
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