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Bittrex case: SEC says that its claims should not be estimated
Chicago, July 7 – Desolation Holdings LLC, which does business as Bittrex, has submitted a motion for an estimate of Securities and Exchange Commission claims regarding contingent and unliquidated claims from the SEC, any such estimate the SEC rejects in an objection filed with the U.S. Bankruptcy Court for the District of Delaware.
The SEC says that the motion by Bittrex is premature and shortens the time the SEC has by statute to file claims.
Further, the court would be asked to determine issues under federal securities laws that may interfere with ongoing litigation in federal district court.
As background, the SEC charged the company with operating an unregistered national securities exchange, among other things.
Bittrex filed Chapter 11 bankruptcy in May following the SEC charges.
The debtor has been seeking confirmation of a liquidation plan by Sept. 29.
The bar date for the government to file proofs of claims is Nov. 4, 180 days from the date of the order for relief for governmental units, but the debtors have been pushing the SEC to file its proof of claim by Aug. 9.
The SEC does not think that shortening the 180-day timeframe is appropriate to the case.
Moreover, there are matters that are still to be determined in federal court that will impact the distribution under any plan. Issued include whether six crypto assets listed in the SEC's complaint are being offered and sold as securities and whether Bittrex operated as an unregistered securities exchange. Determinations still to be decided in other court cases will impact customer claimants and distribution regarding their claims.
Bittrex is a cryptocurrency trading platform with headquarters in Seattle. The Chapter 11 case number is 23-10597.
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