Two months ago we speculated the fight would center around finding some way – any way – to keep creditors away from Grayscale's fat GBTC fee stream. And that creditors would not take kindly to the approach. So far, that speculation matches reality remarkably well for both DCG and the major creditors.
Gemini's Earn program is the largest creditor listed in the filing and things there are unfolding as predicted with infighting and escalating threats on Twitter. It is exceptionally public with Cameron Winklevoss tweeting:
Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently.
That reference to a perceived-as-unfair offer concerns the restructuring plan Genesis filed soon after the bankruptcy petition. This plan is fascinating in that it consists of a list of siege defenses DCG is trying to place between Genesis's creditors and Grayscale's fees.
We are going to dig in to that before coming back to Cameron's most salacious allegation at the end.