Three Arrows Capital’s Liquidators Are Attempting To Protect The Fund’s Singapore Assets
Three Arrows Capital’s Liquidators Are Attempting To Protect The Fund’s Singapore Assets
The Straits Times has discovered that the Three Arrows Capital (3AC) liquidators are attempting to look into and protect the Singapore assets of the insolvent crypto hedge fund. 3AC’s founders, Mr. Zhu Su and Mr. Kyle Davies, are still missing.
The British Virgin Islands (BVI) liquidation order was requested to be recognized by the High Court at a chambers hearing on Friday morning, July 15, so that Teneo’s Mr. Russell Crumpler and Mr. Christopher Farmer may perform their duties as joint liquidators there.
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.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Three Arrows Capital’s Liquidators Are Attempting To Protect The Fund’s Singapore Assets
Three Arrows Capital’s Liquidators Are Attempting To Protect The Fund’s Singapore Assets
The Straits Times has discovered that the Three Arrows Capital (3AC) liquidators are attempting to look into and protect the Singapore assets of the insolvent crypto hedge fund. 3AC’s founders, Mr. Zhu Su and Mr. Kyle Davies, are still missing.
The British Virgin Islands (BVI) liquidation order was requested to be recognized by the High Court at a chambers hearing on Friday morning, July 15, so that Teneo’s Mr. Russell Crumpler and Mr. Christopher Farmer may perform their duties as joint liquidators there.
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.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
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