Bitrabo Editorial
Stakeholders of Terraform Labs Pte. Ltd. (TFL) and Terraform Labs Limited (TLL) are urged by the United States Bankruptcy Court for the District of Delaware to submit their preliminary Crypto Loss Proofs of Claim by August 21, 2024, at 5:00 pm (ET). This filing is essential for those looking to participate in the Chapter 11 plan voting.
Importance of Immediate Action for Terra Victims
The court mandates that stakeholders with claims against TFL before January 21, 2024, and TLL before July 1, 2024, should file by the specified deadline to ensure eligibility for the voting process. This initial filing does not impact the final submission for claim distribution, which is a separate phase in the bankruptcy proceedings.
Terra, powered by LUNA, clarified that filing Crypto Loss Claims by the deadline is crucial for Chapter 11 plan voting purposes only. Stakeholders can submit their claims via the official website of Epiq Corporate Restructuring, LLC, or through alternative delivery methods, following specific guidelines.
A ‘Crypto Loss Claim’ encompasses claims related to various crypto assets within the Terra ecosystem, including transactions involving different forms of coins, tokens, derivatives, or swaps. Filing criteria specify that individuals or entities holding Crypto Loss Claims against the Debtors before the petition dates and intending to vote on the Chapter 11 plan must submit a claim.
Failure to file a Preliminary Crypto Loss Proof of Claim within the deadline will prevent stakeholders from participating in the Chapter 11 plan voting. However, it does not prohibit them from submitting claims for future distributions under the confirmed plan.
Current trading data shows Terra Luna Classic (LUNC) being exchanged at $0.00008666.