hey what's going on guys Aaron here welcome to the video so in this video talking about all the FTX updates including the ability to update your tax information in the portal which is important to do if you did not sell your claim also some news regarding the Robin Hood shares a couple objections that came into the docket over the last week or so and then we have Sam bakman freed basically wanting a retrial with a new judge so I'll cover all of that in this video let's start here really quick with some of the objections
we have the Texas state Securities board and a couple other departments in Texas essentially wanting to make sure that they get their money people who are objecting to the plan usually are doing so because they feel like they are going to get the short end of the stick and that's basically what's happening here with the Texas state Securities board and also the New Jersey Bureau of Securities and they both talk about the treatment and classification of government claims specifically they're called senior subordinated governmental claims so these are just some objections coming in really nothing important
for most people right here there is a motion between FTX and emergent bringing back a lot of money into the estate FTX is going to pay $14 million to fund emergence administrative expenses but then the estate is going to get back 55 million shares of Robin Hood and more than $600 million Sam bakman freed is not going to get his Robin Hood shares even though he said he has claim to them because he is in jail but what's great for creditors is that FTX and emergent agree that the Robin Hood proceeds and the cash should
be given to FTX creditors so that's great that's basically all you need to know and that's just more money coming back to people now in my last video I did talk about how the US trustee posed an objection that convenience class creditors are getting a lot less than non-convenience class creditors and we'll see what the judge does he may lower the threshold of the convenience class he may give the convenience class more money we have no idea or maybe he won't do any of those things so we'll see because this extra money coming into the
estate it would be great if more came to the convenience class but again no way to know that so let's talk about the FTX claims portal and a few days ago step seven became live distribution tax requirements so I don't have an account I can't actually do this but essentially you will log into the platform if you have not already done this create an account and then you can go ahead and complete step seven so if you're not in the United States you'll fill out this form I believe this w-8ben could be wrong just what
I've been reading here and then if you're in the United States you'll fill out a W9 and this is not straightforward for those not in the United States there is something in the W8 about an F10 I believe FTI n and I believe that relates to what country you are in and on this form it looks like there is some information about the tax treaty benefits and I got to say I am obviously not a tax professional and this is pretty confusing I'm not going to lie this is pretty confusing some people are like what
happens if I do it wrong what does that mean and the problem is nobody really knows here and that brings me to FTX creditor for two reasons the first is that they are stopping the purchase of convenience class claims today the 18th so if you have a claim and you want to get usdc liquidity in a day or two you definitely want to click the link that I have in the description and go ahead fill this out and they will contact you very very soon now the reason I bring this up one a lot of
people want to sell their claim because they just want liquidity and they don't want to to be dragged through this bankruptcy process anymore but two if you are confused and you just don't want to have to deal with tax consequences or filling out these forms and you'd rather get liquidity get usdc literally in a day then that's another great reason to sell your claim the process is super easy you can do it basically all online here and you will get a quote that they'll pay you in usdc stablecoin within 12 hours of submitting the form
so that is honestly what I would do regarding if you are just one tired of this process confused as hell don't know what to do and unfortunately there just is not like a support number to call we just do not know the answers to some of these questions there are people speculating there are people that are saying not Financial advice I'm not a lawyer but here's what I did but those of you guys that have claims that you are holding on to selling again may not be a bad idea and again today is the last
day they're buying convenience class claims so any claims under $50,000 so per the last document that FTX put out they said that they are not expecting the debtors FTX to withhold money for non us residents so that whole withholding 30% they're not planning on doing that but we don't know exactly what they're going to do yet they may change their mind and also if you are like a dual resident or you live in one country and then you live in the United States for certain months out of the year that will also affect your tax
consequences here also everybody is getting hit with a taxable event unless you just held stable coins on FTX because if you just held stable coins you're actually doing quite well because you are going to be getting at least 119% or so if you are in the convenience class but everybody else is getting a forced liquidation basically they are selling your crypto and they are giving you cash for it so you will be hit with tax consequences for next year so let's talk about Sam bakman freed appealing his fraud charges asking for a mistrial and wanting
a new judge to basically look at this case again so they bring up some issues with the first trial like the witnesses that came into the case what they said how that could have swayed people's sentiment on how much money they lost the idea that Sam wasn't able to share how much money he actually made with the anthropic investment it was all about just how much money he lost also that the judge allowed the prosecutors to depose Sam the night before his testimony saying that that is an issue there and also Sam said that he
wasn't able to testify un certain issues like the terms of service the agreement between FTX and Alam and he was just able to testify for like the auto delete feature so again just trying to get out of jail so that is it for the video guys we have the confirmation October 7th for the plan no clue what'll happen nobody does we don't know if the debtors FTX will have to revise the plan how many times that will happen so all of these things will cause delays the plan is rarely approved and it definitely doesn't go
into effect when they say it will at least with Celsius it was heavily heavily delayed so we'll see what happens my guess is convenience Clash creditors will get their money q1 of next year and creditors with claims above $50,000 we have no idea how long that'll take for people to get their first distribution how much that'll be and also subsequent distributions we really have no idea so again if you're holding on to a claim and you just want to get out of this mess get usdc in 1 to two days and move on with your
life entirely whether you just need the money or you don't know how to fill out the tax forms or you're tired of watching my videos I'll include the link to FTX creditor below and again today the 18th is the last day that they are buying convenience class claims so under $50,000 so if that is you I would highly recommend going through the process filling out the form today when you watch this so I hope you guys are doing well till next time talk with you soon and bye for now
