Three Arrows Liquidators Is Seeking $30 Million From The Sale Of A Superyacht “Much Wow”
As part of their recovery efforts, insolvency professionals overseeing the cleanup of defunct crypto hedge fund Three Arrows Capital said they have taken control of more than $35 million in hard currency, seized more than 60 types of digital tokens, and even sought $30 million from the sale of a superyacht named “Much Wow.”
However, fund founders Su Zhu and Kyle Davies’ lack of cooperation complicated the liquidation, which is intended to refund creditors owing more than $3 billion as much as feasible. According to a presentation given in bankruptcy court Friday, Three Arrows‘ advisers have only had two live videoconference meetings with the founders, who are believed to be in either Bali or the United Arab Emirates.
Because Zhu and Davies are refusing to cooperate, “we have had to practically reconstruct the firm and the records of the company from start,” said Russell Crumpler, a liquidator for Three Arrows in the British Virgin Islands.
Liquidators are attempting to recoup $30 million from the sale of the superyacht ‘Much Wow.‘ Bankruptcy court records, liquidator presentation
Three Arrows went bankrupt earlier this year after a series of bad bets and falling crypto prices forced the fund, known for making leveraged transactions, to face margin calls. It formerly managed assets worth roughly $4 billion. The implosion was one of several that rocked the business this spring, which is still reeling from the abrupt demise of Sam Bankman-FTX Fried’s company last month.
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 Liquidators Is Seeking $30 Million From The Sale Of A Superyacht “Much Wow”
As part of their recovery efforts, insolvency professionals overseeing the cleanup of defunct crypto hedge fund Three Arrows Capital said they have taken control of more than $35 million in hard currency, seized more than 60 types of digital tokens, and even sought $30 million from the sale of a superyacht named “Much Wow.”
However, fund founders Su Zhu and Kyle Davies’ lack of cooperation complicated the liquidation, which is intended to refund creditors owing more than $3 billion as much as feasible. According to a presentation given in bankruptcy court Friday, Three Arrows‘ advisers have only had two live videoconference meetings with the founders, who are believed to be in either Bali or the United Arab Emirates.
Because Zhu and Davies are refusing to cooperate, “we have had to practically reconstruct the firm and the records of the company from start,” said Russell Crumpler, a liquidator for Three Arrows in the British Virgin Islands.
Liquidators are attempting to recoup $30 million from the sale of the superyacht ‘Much Wow.‘ Bankruptcy court records, liquidator presentation
Three Arrows went bankrupt earlier this year after a series of bad bets and falling crypto prices forced the fund, known for making leveraged transactions, to face margin calls. It formerly managed assets worth roughly $4 billion. The implosion was one of several that rocked the business this spring, which is still reeling from the abrupt demise of Sam Bankman-FTX Fried’s company last month.
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News
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