The problem, as articulated by Lucas, was clearly understood. CNF, either independently or in collaboration with other creditors, should take proactive measures in their own interest and for the benefit of Centrifuge’s platform when it comes to CNF. It is imperative that someone takes the lead, and CNF seems to be the appropriate candidate.
However, I’m uncertain about the timeline of the issue—did it originate in November 2022? If so, why has there been such a lengthy delay? Maybe I am overlooking a crucial detail?
We need to be aware that smaller investors feel scared by such an event which might be “daily business” for professional investors. At the end of the day, I assume CNF as well as the community has learned a lot by this situation and now we need to “clean up our house” properly.
As a creditor of both Branch series 1 and series 3, I would like to join this committee and get more pressure behind this. This should have been done much earlier in my opinion. I do not mind contributing to legal action at all, I just want to make sure the right actions are being taken. Time can be very important in these matters.
Some clarifications that would be helpful:
Why is Fabien not responding anymore?? Not here, not by mail, and not on telegram. Will he be part of the committee? Or is he also a party that can be litigated by the committee?
Do we need to worry / be proactive about Branch Series 3. Since that is also managed by the same issuer, Davoa? Or is there no issue with the issuer itself and no issue with the counterparty to Branch Series 3?
Is there any ongoing litigation or is everything dependent on this committee initiating active litigation against Sherwood?
Has anyone talked directly to Sherwood? Anyone outside of Fabien/Davoa? Who seems to have gone missing in action suddenly and, at least optically, hasn’t seemed very effective so far. Do we know anything about Sherwood’s finances?
This post is to provide an update and respond to questions.
The 1754 Factory Series 1 (Bling) creditor committee has now been formed. An initial meeting will be in the next few days to discuss next steps and legal representation. CNF will provide an update to token holders at that time. If you are a Bling DROP token holder and would like to join the creditor committee, please let us know. Fabien is not part of this committee.
Separately we wanted to share that CNF has initiated a lawsuit against Davoa. While this has no impact on 1754 Factory LLC we wanted to share this for transparency. Separate and apart from 1754 Factory LLC, Davoa Capital LP has unpaid debt to CNF in the amount of $895,049. CNF has now initiated a lawsuit in Delaware Superior Court for breach of the terms of this debt. As 1754 Factory LLC is a special purpose vehicle this litigation will not affect its assets.
Regarding Branch Series 3 (1754 Factory), what is the total value of Senior DROP redemptions waiting to be served, IE, for which redemptions have been executed?
Insane how my messages kept getting deleted, as if Centrifuge’s moderators dont want people to know that we are getting rugged by one of their first few pools lmao
Eight months ago, I raised my concerns with 1754 factory and Branch 3. At that time, members from the centrifuge team asked me not to spread fud and be respectful, it turns out that I was right. It’s utterly disgusting how they demand respect after robbing you.
1754 pools were one of the earliest pools here and the centrifuge team was pushing them at the start for liquidity and visibility. Now that it’s ‘rugged’ or whatever you’re trying to sugarcoat with, Centrifuge is appearing to deflect these responsibilities away.
And moderators are deleting messages from people who are voicing out their concerns by pretending that they are violating forum rules? lmao
Does the recoverable value of these assets fully cover the investments of senior tranche investors? In this regard, are there differences in terms of Branches 1, 2 and 3? And what is the expected timeline for realization of these assets?
Everyone in the community can - and should - raise his/her concerns and the forum is the right place to do it but the forum rules need to be followed. It was not the intention to suppress your opinion
We have no information on the market value of the assets of 1754 Factory LLC. I would expect that this is something that would be determined by an independent party likely as part of a court proceeding. The timeline for recovery would also be determined by such independent party.
Eli, thank you for your prompt reply.
For further clarity, will all senior tranche investors in the 1754 Factory pool (Branch Series 1-3) now have to wait till the outcome of legal proceedings to learn whether they’ll be able to recover their investments including what portion, if any, thereof? In other words, no further redemptions will be fulfilled for this pool?
I really do not know. I cannot predict the future. I would note that the Branch assets have a maturity of 3 years with the first assets due in June 2024. There are other assets reflected in the pool that appear to be unrelated to Branch.
Hello sunnym. See my post above about the forum rules. As I said, everyone can express his/her opinion and of course concerns as well but it has to be within the defined rules
What rules of the forum have I violated? All of my message is to get my investment back.1754 FACTORY violated the contract. I also contacted the so-called founder as per your instructions but got no reply at all. This case is not only me as you saw. To be honest. What is this forum for? What is your role in this forum? Where else can I ask about not getting my investment back other than on this forum?
| Tjure07 Forum Moderator / Active Contributor August 4 |
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Hello sunnym. See my post above about the forum rules. As I said, everyone can express his/her opinion and of course concerns as well but it has to be within the defined rules
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