November 11, 2022
BRIAN SIMMS KC
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FTX’s Bahamian liquidators have to-date gained control of just 30 percent of the local subsidiary’s $255.2m cash assets despite locating fresh recoveries in Switzerland.
FTX’s Bahamian liquidators “are in the advanced stages” of negotiating a “global settlement” with their US counterpart that will ensure equal treatment for their near-53,000 creditors.
FTX’s Bahamian liquidators are seeking to recover a total $9.15bn from the crypto exchange’s US entities with some 84 percent of this sum involving assets that were “misappropriated” prior to its late 2022 collapse.
FTX’s Bahamian liquidators have accused their US adversary, aided by its local law firm, of going behind their backs in attempting to sell $256m worth of real estate domiciled in this jurisdiction.
FTX's Bahamian liquidators are asserting they may be the only ones "lawfully" able to pursue "material volumes" of client withdrawals that occurred around the time of the exchange's collapse and may thus be deemed void.
FTX’s Bahamian liquidators say it is increasingly likely they will have to battle the US Justice Department in the courts to recover $143m given that prospects of an amicable resolution have become “more remote”.
FTX's Bahamian liquidators have accused their US adversaries of "breaching every single" co-operation pledge in just four short months as they urged the Supreme Court to "sort it out" with Delaware.
An FTX creditor/investor group yesterday leapt to The Bahamas defence by branding claims that the Government was "in cahoots" with Sam Bankman-Fried as "shockingly inappropriate".
FTX's Bahamian liquidators yesterday accused their US adversaries of employing "underhanded" tactics to seize control of all the crypto exchange's clients and assets - including those that fall under their winding-up process.
FTX's Bahamas liquidators face a three-way battle to regain control of some $143m seized by the US Justice Department after their US counterpart asserted he "stands first in line" to recover this asset from the federal authorities.
FTX's Bahamian provisional liquidators have their own data bargaining chips, it has emerged, as they control "electronic devices" used by Sam Bankman-Fried and his inner circle that their US counterparts are eager to access.
FTX’s Bahamian liquidators yesterday slammed their US counterparts for “bizarre” and “inflammatory” claims while they themselves were accused of seeking to “torpedo” the Chapter 11 proceedings for the failed crypto exchange.
The Securities Commission is anxious to resolve the ownership of $426m in FTX digital assets under its control due to the ongoing costs it is incurring to secure them, it has been revealed.
FTX’s Bahamian liquidators say they need the Supreme Court to determine who the local subsidiary’s customers truly are so they can “claw back” preferential payments and prevent the winding-up from “stalling”.
FTX’s Bahamian liquidators yesterday warned their US counterparts that the failed crypto exchange’s $446m claim against another digital assets firm will not be resolved unless their interests are satisfied too.
FTX’s Bahamian liquidators believe they will soon gain access to critical records that have “so far eluded them” while avoiding the risk of costly and time-consuming legal battles in Delaware.
FTX’s Bahamian liquidators are probing whether $7.7bn was withdrawn from its local subsidiary via “legitimate” transactions as they yesterday revealed virtually all countries are represented in its 2.4m-strong client base.
FTX’s Bahamian liquidators are opposing the US Justice Department’s bid for an investigator to probe the crypto exchange’s collapse on the grounds it is overkill and will cost creditors “tens of millions of dollars”.
The bid by FTX’s Bahamian liquidators to take control of $143m held in US bank accounts was rendered “moot” - at least temporarily - after the assets were seized by the US federal authorities.
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’s Bahamian liquidators are asserting that the document being cited as evidence of this country’s alleged collusion with Sam Bankman-Fried sparked the very court action that led to his removal.
FTX LIQUIDATOR IS FROZEN OUT: Access to company records blocked – and documents could be lost forever
The joint provisional liquidators for FTX’s Bahamian subsidiary have revealed a month-long block on access to the company’s records is “frustrating” their efforts to secure and protect assets.
FTX’s Bahamian provisional liquidators have yet to gain control of all its assets amid signs that “serious fraud and mismanagement” may have caused the group’s collapse, it has been revealed.
Regulators yesterday moved to protect clients of The Bahamas’ flagship crypto currency investor by “freezing” its assets, and seizing control of the company, amid reports it acquired $74m in local real estate this year alone.