SBF’s Emergent Fidelity Technologies Is The Latest Company To Declare Bankruptcy
Key Points:
- Emergent Fidelity Technologies is the latest Sam Bankman-Fried Subsidiary (SBF) to declare Chapter 11 bankruptcy.
- It is also the entity established by SBF to hold 56 million shares of Robinhood.
- The number of shares worth $ 600 million is still under a very tense ownership dispute.
The new subsidiary founded by Sam Bankman-Fried, Emergent Fidelity Technologies, has filed for Chapter 11 bankruptcy protection, Bloomberg reported on Friday, citing court papers.
On the evening of February 3 (US time), Emergent Fidelity Technologies, a company founded by Sam Bankman-Fried and Gary Wang, filed for Chapter 11 bankruptcy in a US court.
Emergent owns 56 million Robinhood shares that Sam Bankman-Fried bought in mid-2022. After the bankruptcy of FTX, Alameda Research, and more than 130 subsidiaries globally in mid-November, these shares are worth up to 600 million USD at the moment. The number of shares with great value is still becoming the subject of many disputes because they are valuable assets that can be easily liquidated.
Disputes include:
- Sam Bankman-Fried (SBF), who executes the acquisition and holds the paperwork for the stock purchase.
- Lending company BlockFi said that Mr. SBF used these shares as collateral for a loan at BlockFi and is now bankrupt without receiving the mortgage.
- Emergent Fidelity Technologies, a subsidiary created by SBF to carry out the share purchase.
- FTX, the exchange, is no longer owned by SBF, but it claims to use customer funds to make the acquisition.
Bankman-Fried has argued he should retain control of the shares. Nevertheless, federal officials moved to seize control of the assets in January.
Bloomberg reports the only other asset owned by Emergent Fidelity is $20.7 million in cash. Bankman-Fried is the owner of 90% of Emergent Fidelity, and FTX co-founder Wang owns the remaining 10%.
Emergent Fidelity’s bankruptcy filing could only be obtained after some time. It needs to be clarified what debts Emergent is collecting.
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
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SBF’s Emergent Fidelity Technologies Is The Latest Company To Declare Bankruptcy
Key Points:
- Emergent Fidelity Technologies is the latest Sam Bankman-Fried Subsidiary (SBF) to declare Chapter 11 bankruptcy.
- It is also the entity established by SBF to hold 56 million shares of Robinhood.
- The number of shares worth $ 600 million is still under a very tense ownership dispute.
The new subsidiary founded by Sam Bankman-Fried, Emergent Fidelity Technologies, has filed for Chapter 11 bankruptcy protection, Bloomberg reported on Friday, citing court papers.
On the evening of February 3 (US time), Emergent Fidelity Technologies, a company founded by Sam Bankman-Fried and Gary Wang, filed for Chapter 11 bankruptcy in a US court.
Emergent owns 56 million Robinhood shares that Sam Bankman-Fried bought in mid-2022. After the bankruptcy of FTX, Alameda Research, and more than 130 subsidiaries globally in mid-November, these shares are worth up to 600 million USD at the moment. The number of shares with great value is still becoming the subject of many disputes because they are valuable assets that can be easily liquidated.
Disputes include:
- Sam Bankman-Fried (SBF), who executes the acquisition and holds the paperwork for the stock purchase.
- Lending company BlockFi said that Mr. SBF used these shares as collateral for a loan at BlockFi and is now bankrupt without receiving the mortgage.
- Emergent Fidelity Technologies, a subsidiary created by SBF to carry out the share purchase.
- FTX, the exchange, is no longer owned by SBF, but it claims to use customer funds to make the acquisition.
Bankman-Fried has argued he should retain control of the shares. Nevertheless, federal officials moved to seize control of the assets in January.
Bloomberg reports the only other asset owned by Emergent Fidelity is $20.7 million in cash. Bankman-Fried is the owner of 90% of Emergent Fidelity, and FTX co-founder Wang owns the remaining 10%.
Emergent Fidelity’s bankruptcy filing could only be obtained after some time. It needs to be clarified what debts Emergent is collecting.
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
Foxy
Coincu News
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