Docket 88, filed on August 26, is an amended interim order, not a final decision on Storj’s Chapter 11 case.
The main points are:
Storj represented that it lacked sufficient cash to fund the payroll scheduled for August 27.
Inveniam was authorized to provide an additional $160,000 in interim DIP financing.
The Court found that this financing was necessary for Storj to continue paying post-petition operating expenses, including employees, vendors, and contractual counterparties.
The Court stated that, without access to the additional financing and cash collateral, Storj would likely have been forced to wind down its business.
The final hearing on DIP financing and use of cash collateral remains scheduled for September 3, 2026, at 1:30 p.m. in West Virginia.
Storj must file its written response by September 1 to the motion seeking dismissal of the Chapter 11 case or, alternatively, transfer of the case to Georgia.
Any party intending to present witnesses or exhibits at the September 3 hearing must also file its list by September 1.
It is important to distinguish the different parts of the document:
Storj’s lack of cash for payroll was a representation made by the debtor and reproduced in the order.
The likely wind-down without financing is a finding made by the Court based on the record before it.
The September 1 deadlines are direct orders of the Court.
No final decision has yet been made on dismissal, venue, or final approval of the DIP financing. Those matters remain pending.
It is my understanding that the meeting of creditors as according to bankruptcy code section 341 has not been postponed.
So it shall take place as mentioned in the court document on August 31st via Zoom:
Notice of Chapter 11 Bankruptcy Case and Meeting of Creditors. 341(a) meeting to be held on 8/31/2026 at 01:00 PM by Zoom with US Trustee: Meeting ID 165 6949 6480, Passcode 1523832042, Phone 1-646-828-7666.
According to AI:
A 341 Meeting of Creditors is a mandatory meeting in Chapter 11 bankruptcy where creditors get to question the debtor (company) under oath about their financial situation and reorganization plan.
and:
Who Can Attend:
Anyone owed money by the company can attend, including:
Suppliers and vendors
Employees owed wages
Lenders and bond holders
Tax authorities
Any other creditor
You do NOT need to have filed a proof of claim yet to attend and participate.
It is my understanding that every SNO who got money owed to by the company has a claim and therefore can attend.
But of course I am not a lawyer and I don’t know US bankruptcy law but it could be an interesting opportunity to ask questions or hear answers.
ppearing therefor, it is hereby ORDERED that:
1.
2.
The Motion is GRANTED to the extent set forth below.
The September 3, 2026, hearings on the Motions shall be continued to September
16, 2026, at 1:30 p.m..
3.
The deadline by which parties are to file witnesses and exhibit lists for the hearings
on the Motions outlined in this Court’s Order dated August 26, 2026, are extended to September 8,
2026.
4.
The deadline by which the Debtor shall file a written response to the Dismissal
Motion is extended to September 8, 2026.
5.
The Debtor is authorized and empowered to take all actions necessary to implement
the relief granted in this Order.
6.
This Court shall retain exclusive jurisdiction to hear and determine all matters arising
from or related to the implementation, interpretation and/or enforcement of this Order.
He was the “VP of Engineering and Chief of AI” at Storj, then the CTO at Valdi (or the other way around), and now is the CTO at GPU Mart since July 2026.
“Database Mart launched GPU Mart in 2021—five years before 89.7% of GPU entrants rushed in during 2025–2026.”
Sounds like when Storj let everyone go, he just got another job. It’s not like he founded a company to compete with Storj. He filed a $78K claim against Storj. For back wages maybe?
Cool story. I’m talking about the registered accounts, which stopped being reported about 2 months ago. And no, they didn’t add 82K accounts in two months.
If the Debtor is unable to make payroll on September 24th, it will have no practical alternative but to convert this case into a Chapter 7 liquidation.
If the judge does not approve the DIP financing in the todays hearing or dismisses the case as requested, then it’s probably game over.
Fair point — and I actually like your posts, jammerdan. They at least bring concrete documents and numbers into the discussion instead of just repeating assumptions.
And even if Storj urgently needs to cut costs, that still doesn’t make SNO payouts to a problem. They are a relatively small part of the overall financial picture.
I wonder how many SNOs would keep their nodes online for as long as the Satellites are running… for customers to escape… even if they knew they’d never be sent a payout again? I bet many would still run 3 or more months. I hope we don’t find out.
