Proposal for SSA Advisory and Legal Services Invoicing

This proposal details the request for invoicing BUSD, USDC, and Alameda SBP pools for the Special Servicing Agent (the “SSA”) advisory and legal services rendered by Archblock. These services pertain to the ongoing legal pursuit of recovery from defaulted loans.

Since 2022, Archblock’s SSA team has been diligently working with the following borrowers to ensure maximum recovery from defaulted or restructured loans:

Lending Pool tfBUSD Pool tfUSDC Pool Alameda SBP
Original Loan Amount (Principal Only) $4,437,820 $5,500,000 $7,280,000
Principal Recovered To Date plus Additional Interest Payment from Restructured Loan $769,433 $1,537,363 $0
Estimated Recovery Based on Latest Developments TBD $6,837,856 TBD

Team Composition and Efforts:

The SSA team, composed of seasoned legal and financial professionals, has dedicated between 50-75 hours on average per month to defaulted/restructured loan recovery efforts. It is anticipated that these focused efforts will remain necessary for the foreseeable future, ensuring maximum recovery from the three borrowing pools.

Up until now, the SSA team has represented the DAO and SBP pool on a pro bono basis. However, given the extended nature of our engagement, it is necessary for Archblock to begin invoicing to ensure that our dedicated SSA team remains in place to further the recovery efforts.

Invoicing Proposal:

We propose a fee of $15,000/month for each lending pool, effective from September 1st, and continuing until the recovery process reaches a resolution.

Scope of Work:

Below are the key tasks the SSA team has been handling since the onset of the first default:

SSA Core Responsibilities:

  • Loan Restructuring
    • Negotiation with borrowers for loan restructuring.
    • Management of loan and interest repayments.
    • Active surveillance of borrower financial health.
  • Legal
  • Preparation of necessary documentation for legal proceedings and drafting of material legal documents.
  • Collaboration with external counsel in applicable jurisdictions for local legal representation.
  • Treasury/Forensic Analysis
  • Comprehensive analysis of the flow of funds concerning borrowers’ assets and liabilities.

To provide transparency and regular updates, the SSA team commits to sharing a quarterly or as needed, report with the community. This report will highlight any new recoveries, restructuring, or legal developments associated with the three lending pools.


Just to clarify, the $15,000/mo/pool will come out of the funds that are recovered? This is not requesting a transfer from the DAO, correct?


Yes, that’s correct.


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would love to see more transparency, 15k per pool is a lot of money especially since these claims are in different stages. Any chance that these invoices can be shared? Also what has been spent so far on recoveries? If this firm worked pro bono does this mean there is an additional % from recoveries that will be paid to these firms?

communication about the recoveries would be welcome as it has been bare minimum up until now.

Hi @capitalm - the most recent special servicing update can be found here: Archblock Special Servicing Update