Court Summons Founders Of Three Arrows Capital, First Meeting Of Creditors On July 18
The court issued a decision to give more rights to the liquidator after receiving information that the founders of Three Arrows Capital refused to cooperate. Teneo will hold the first meeting of 3AC’s creditors on July 18.
Founder of Three Arrows Capital was summoned
According to The Block, Teneo Restructuring is the trustee to liquidate 3AC’s assets. There have been many allegations of this unit about the “missing” of the two founders of Three Arrows Capital, Zhu Su and Kyle Davies, as well as the lack of cooperation of these two characters in the process of resolving dialogue liquidation problem. The trustee expressed concern to the court that 3AC was actually trying to “buy time” to disperse crypto assets and other cash, which are highly liquid, and threaten the interests of creditors.
During a hearing before the United States District Court for the Southern District of New York on July 12, where Three Arrows Capital filed for bankruptcy, Teneo’s representatives revealed a further list of properties provided by Zhu Su and Kyle Davies just 24 hours ago. However, Teneo considers this property list to be incomplete and does not include bank account information. The liquidator also argued that this is another evidence of the lack of cooperation of the founders, shown by only providing data when Teneo announced it would meet with the court.
Therefore, Teneo’s side proposed to the court to allow subpoenas to summon founders Zhu Su and Kyle Davies, as well as give them the right to seek information about the current status of Three Arrows Capital. The liquidator claims to have received requests for information from various entities linked to the investment fund, but needs a court order to legalize the action.
Judge Martin Glenn of the United States District Court for the Southern District of New York approved Teneo Restructuring’s proposal, and gave it the right to manage Three Arrows Capital’s assets in the US, meaning it would freeze those assets.
The first meeting of the creditors of Three Arrows Capital will be held on July 18, chaired by Teneo.
The content of the meeting may revolve around the establishment of a council to represent the interests of the creditor, as well as the announcement of the liquidation process. Teneo has set up a website to provide information to the creditors of Three Arrows Capital and will publish the information here.
The list of organizations believed to be affiliated with Three Arrows Capital includes: Voyager, Finblox, Genesis Trading, Babel Finance, DeFiance Capital, Blockchain.com, Deribit, Kyber Network, etc.
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