Gemini co-founder and several other Genesis creditors insist they were previously misled about Genesis' finances

Genesis Global Capital ostensibly bolstered its balance sheet by marking $1.1 billion in promissory notes from parent company Digital Currency Group as current assets in conversations with creditors (promissory notes are often considered assets and liabilities), The Block reported. Liabilities on the table). Gemini co-founder Cameron Winklevoss and other creditors have insisted they were misled about Genesis' financial position. This week, Genesis creditors are negotiating a prepackaged bankruptcy plan with Genesis in which creditors like Gemini would agree to a one- to two-year payment forbearance period under the prepackaged bankruptcy plan, in exchange for creditors getting the money from Genesis parent company Digital. Cash payment and equity in Currency Group (DCG), a committee of creditors has been in private talks with Genesis over the past few weeks to finalize a Chapter 11 bankruptcy protection plan ahead of filing.