Envion AG founders to donate millions to crypto community after favorable ruling against ex-CEO Mattias Woestmann, co-conspirators in Berlin's high court (FOTO)

Berlin (ots) -

Proceeds from envion's liquidation and damages lawsuits will be
paid to token holders via the independently-managed Liquidation
Upgrade Program.

The founders of Swiss cryptocurrency mining startup envion AG have
announced they will donate proceeds from their involvement with the
company to the Liquidation Upgrade Program (LUP), an
independently-managed foundation which will distribute the donated
funds to its members. The announcement comes after Berlin's high
court (Kammergericht) confirmed an injunction against the ex-CEO
Matthias Woestmann and the majority shareholders who illegally took
control of the company after envion raised $100 million in an initial
coin offering (ICO).

Berlin's high court stated (case number 90 O 38/18) that the joint
actions by Woestmann and long-time friend Thomas van Aubel show an
extraordinary recklessness which are contrary to the accepted
principles of morality and therefore unlawfully diluted the claim for
a majority shareholding position by Trado GmbH, the company
representing the founders. The judges dismissed the 2nd and final
appeal, ordering Quadrat Capital GmbH and Sycamore GmbH to pay the
founders' legal fees as part of the ruling.

Envion AG is currently undergoing a liquidation process as a
result of the actions by the former CEO Matthias Woestmann who
effectively stopped operations, hobbling the company and preventing
any returns for the over 35,000 investors. Attempts made by Woestmann
to sell the company were blocked and Woestmann has been removed from
the board and a liquidator being appointed. Sycamore GmbH, the new
majority owner led by Berlin lawyer Thomas van Aubel and his wife
Jutta Freifrau von Falkenhausen, have been on the losing end of
numerous court hearings brought on by Trado GmbH.

Funds Trado GmbH receives from the company's liquidation, will be
donated to the Liquidation Upgrade Program along with proceeds from
any eventual lawsuits for damages against Woestmann and van Aubel's
share-owning companies. Recent statements by the High Court as well
as previous court decisions are expected to provide considerable
support for pursuing damages awards to be donated to the Liquidation
Upgrade Program.

Anyone possessing tokens issued by the company during an initial
coin offering in 2018 and deemed eligible by the liquidator as
claimants in envion's liquidation is eligible to join and receive
payments in addition to funds dispersed by the liquidator. Several
million dollars are expected to be paid to those who acquired tokens
during the company's ICO or afterwards from cryptocurrency exchanges.

The foundation will be managed by an independent trustee, Peter
Schott Ghyssaert Aceves. Mr. Schott has held executive positions at
companies in the real estate and banking sector over the course of a
3-decade career in the German finance industry. He will steer
operations by the foundation including representing its members
during envion's liquidation proceedings currently underway in
Switzerland. Envion's founders will not have any role managing the
foundation but they will support the trustee where possible.

Membership in LUP is free and envion token holders can join via
the foundation's website at www.liquidation-upgrade-program.org. LUP
will provide other services for members including providing regular
updates on the liquidation proceedings and assistance to members by
giving general information on when and how claims could be filed with
the liquidator.

Joining LUP does incur any risks or disadvantages for its members.
LUP membership assures that the voice and vote of every envion token
holder is heard and used to achieve their best interests: maximizing
the payout per token in the liquidation. Additionally, members have
the possibility of getting an extra payout from LUP.

"The founders believe an independent entity with no ties to envion
is best capable of bringing trust back to the envion community. The
Liquidation Upgrade Program is our response to the frustration we've
heard from members of our community who have been hurt financially
and who are to be given an easy way to maneuver in envion's legal
proceedings," said envion AG founder Michael Luckow. "LUP allows us
to make good on our stated intention that the founders not profit
from the unfortunate situation created by Woestmann and his
accomplices and we are grateful for the trustee`s leadership and
initiative."

In addition to signing an agreement with the trustee and the
Liquidation Upgrade Program, the founders have also filed an appeal
challenging the findings of an investigation conducted by the Swiss
financial market regulator Finma.

"I'm here to serve the envion community by representing the
interests of all token holders. LUP will work towards the best
possible outcome which returns the most money to envion's
supporters," said Liquidation Upgrade Program Managing Director Peter
Schott Ghyssaert Aceves.

Contact:
NAÏMA Strategic Legal Services GmbH
Uwe Wolff
phone: +49 30 2404 8290
email: uwe.wolff@naima-media.de

Original-Content von: NAIMA Strategic Legal Services GmbH, übermittelt durch news aktuell