Venture capital firm Digital Currency Group (DCG) has lodged an objection on Feb. 21 against the settlement agreed upon by its bankrupt subsidiary, Genesis, with the New York Attorney General's (NYAG) Office. According to the objection, the settlement's payment to unsecured creditors is based on asset valuation as of the distribution date rather than the petition date, as mandated by the Bankruptcy Code. The objection argued that the settlement violates the Bankruptcy Code, emphasizing that the court cannot permit a settlement to defy such regulations. Moreover, the objection contended that the settlement unfairly directs the disposition of the debtors' residual assets post the satisfaction of unsecured creditors' claims. DCG, as Genesis' sole equity holder, raised concerns about the subsidiary not fulfilling its obligations to all creditors adequately and requested the court to postpone approval of the settlement until the objections are addressed. This objection by DCG is a part of their ongoing dispute with the NYAG and Genesis over the handling of Genesis' bankruptcy and the allegations of fraud related to the Gemini Earn program. Read more AI-generated news on: https://app.chaingpt.org/news