Thousands of Celsius customers are gathering on social media apps such as Telegram and Reddit to parse legal filings together, pooling funds to pay for lawyers and making YouTube summaries of developments at court hearings. Some are reading up on U.S. bankruptcy law, providing translations for non-English speakers and trying to engineer their own white-knight rescue deals.
They face an uphill battle in Chapter 11 bankruptcy negotiations, where small customers are vulnerable to losses and rarely have a seat at a table typically dominated by lawyers and advisers. The company has at least two more months to formulate a reorganization plan that will determine what happens to customer accounts and how assets will be distributed. Some customers are asking the U.S. Bankruptcy Court judge overseeing the case in the Southern District of New York to let them salvage remaining assets for themselves.
‘Enforcement 40’ for 2020
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