Key Points:
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:
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.
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