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FTX Trading Limited agrees on 'mutual cooperation' terms

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

FTX Trading Limited has agreed on terms for “mutual cooperation” on the chapter 11 in the US and the provisional liquidation in The Bahamas.

FTX Trading Limited released a statement today announcing “their agreement on terms for mutual cooperation in the chapter 11 cases of the FTX Debtors in Delaware and the provisional liquidation of FTX DM in The Bahamas.”

The statement also said: “Under the cooperation agreement, the parties commence work together to share information, secure and return property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries. The parties have agreed on parameters for involving FTX DM in the chapter 11 cases and for involving the FTX Debtors in proceedings in The Bahamas. The parties also agreed on the disposition of real estate in The Bahamas in a process operationally led by the JPLs and overseen by courts in both jurisdictions, as well as a process to confirm the inventory of digital assets under the control of the Securities Commission of The Bahamas in the Fireblocks account previously disclosed by the FTX Debtors. The parties are each comfortable the digital assets have been appropriately safeguarded by the Securities Commission as restructuring discussions continue.”

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FTX CEO John Ray. Photo: AP

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BRIAN SIMMS KC

“We would like to thank all of the Joint Provisional Liquidators of FTX DM for constructive meetings this week in Miami and all their work on behalf of their estate,” said John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors. “There are some issues where we do not yet have a meeting of the minds, but we resolved many of the outstanding matters and have a path forward to resolve the rest.”

Brian J. Simms, K.C., said: “Our meetings stressed our shared objective to find the best solution for customers and creditors of the FTX.com platform. Each jurisdiction has different tools available to accomplish that objective and we look forward to working collaboratively to optimize outcomes for all of our respective stakeholders.”

Comments

Baha10 8 months, 3 weeks ago

Commission Director appoints fellow Law Partner as Liquidator … Ray appoints SBF’s Lawyer’s Brother … everyone now happy … nothing to see here🤣

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TalRussell 8 months, 3 weeks ago

Can only pray Jesus that this FTX is not the way local Shareholders' publixly traded companies are being monitored.

Leviticus 25:23: “the Mine land is explosive just tickin' go off.” ---- Yes?

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Reality_Check 8 months, 3 weeks ago

The backroom deals Kevin McCarthy had to make to become Speaker of the House of Reps has paved the way for the extreme conservative right faction of The Republican Party to conduct a big time investigation of those members of the elitist political ruling class in both the U.S. and The Bahamas who derived significant financial and other benefits as a result of the funds and digital assets stolen by SBF/FTX from its customers. Already U.S. Senator Stabenow has announced she will not seek re-election and many now expect Maxine Waters will soon do the same.

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TalRussell 8 months, 3 weeks ago

I keep referencing why the calendar dates that so suddenly led to FTX quitting Hong Kong for the Bahamas - totally dismisses any suggestions, how any Bahamas government attorney general, minister of finance or compliance authority or anyone produce legitimate paper of having conducted any form of due diligence, who didn't see this crook coming to the Bahamas,

Things had started going downhill for FTX is why-they had to flee Hong Kong to avoid the-new regulatory changes introduced by Mainland China.

Can you imagine Sam Bankman-Fried, attempting to justify before Mainland China's financial authority how its FTX's Bahamian entity spent $1 million to a caterer for a single party?

Because the $1million is precisely the amount FTX Bahamas paid the caterer.

Comrades, you just cannot make-up how local officials, should've missed such $1 million, to cater a single party, --- Yes?

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