My guess is Open Phil is covering this, but my guess is there is a bunch of additional risk that funds you receive right now would become part of this settlement that donors should be able to model.
My guess is you can’t talk about this for legal reasons in a post like this (though that does seem sad and my guess is you’ve been too risk-averse in the domain of sharing any information in this space publicly), but seems important for people to know when someone is assessing what is going on with EV and CEA.
Thanks for flagging! New donations won’t be used for this settlement. The funding for the settlements has already been secured, and none of EV’s projects will need to allocate any additional funding. Besides funding that came from FTX, no funds that have previously been donated to a specific project will be used as part of this settlement.
As noted by Jason, the EV US settlement remains subject to court approval, and we won’t be commenting on it further while the settlement process is still underway. With that being said, we didn’t want any misunderstandings to disrupt CEA’s fundraising efforts in the meantime.
On the last paragraph, I would note that the settlement isn’t effective unless and until approved by the court (although such approval is extremely likely). Most likely, the lawyers will urge radio silence until the time to appeal the bankruptcy judge’s order to the district judge has passed (generally 14 days, see Bankruptcy Rule 8002 for exceptions). An appeal would be very unlikely in my opinion.
For tax reasons, it would likely make sense to funnel donations from a US corporation to the US organization. So EV UK not receiving any money directly wouldn’t surprise me at all. The US org could presumably re-grant it to the UK org if needed, following the usual rules for international grantmaking by 501(c)(3)s.
Good catch! Yes, that’s a notice of proposed settlement. At that dollar value, the parties have to give notice of the proposed settlement (but not a copy thereof) and a short period for anyone to object. If no one does, they can execute the settlement—I believe without further public notice.
Here, it looks like the proposed settlement is for about 90 percent of the high end of the potential claim value listed.
Huh, this feels like a somewhat weird post without mentioning the FTX settlement for $22.5M that EV just signed: https://restructuring.ra.kroll.com/FTX/Home-DocketInfo (Memo number 3745).
My guess is Open Phil is covering this, but my guess is there is a bunch of additional risk that funds you receive right now would become part of this settlement that donors should be able to model.
My guess is you can’t talk about this for legal reasons in a post like this (though that does seem sad and my guess is you’ve been too risk-averse in the domain of sharing any information in this space publicly), but seems important for people to know when someone is assessing what is going on with EV and CEA.
Thanks for flagging! New donations won’t be used for this settlement. The funding for the settlements has already been secured, and none of EV’s projects will need to allocate any additional funding. Besides funding that came from FTX, no funds that have previously been donated to a specific project will be used as part of this settlement.
As noted by Jason, the EV US settlement remains subject to court approval, and we won’t be commenting on it further while the settlement process is still underway. With that being said, we didn’t want any misunderstandings to disrupt CEA’s fundraising efforts in the meantime.
On the last paragraph, I would note that the settlement isn’t effective unless and until approved by the court (although such approval is extremely likely). Most likely, the lawyers will urge radio silence until the time to appeal the bankruptcy judge’s order to the district judge has passed (generally 14 days, see Bankruptcy Rule 8002 for exceptions). An appeal would be very unlikely in my opinion.
EV US just signed this; EV UK is a separate legal entity and presumably is not party to this agreement. But perhaps EV UK never received any money?
For tax reasons, it would likely make sense to funnel donations from a US corporation to the US organization. So EV UK not receiving any money directly wouldn’t surprise me at all. The US org could presumably re-grant it to the UK org if needed, following the usual rules for international grantmaking by 501(c)(3)s.
I have no idea what to make of this legal speak, but just the next memo (number 3746) mentions EV UK and some settlement for $4MM
If anyone can explain what this means that would be great
Good catch! Yes, that’s a notice of proposed settlement. At that dollar value, the parties have to give notice of the proposed settlement (but not a copy thereof) and a short period for anyone to object. If no one does, they can execute the settlement—I believe without further public notice.
Here, it looks like the proposed settlement is for about 90 percent of the high end of the potential claim value listed.