The holding company that owns 55 million Robinhood shares claimed by SBF is filing for bankruptcy.
Emergent Fidelity Technologies, a Sam Bankman-Fried holding company based in Antigua and Barbuda, has filed for bankruptcy protection.
According to court records filed on Feb. 3, Emergent Fidelity Technologies submitted a voluntary petition to declare bankruptcy under a Chapter 11 filing in United States Bankruptcy Court for the District of Delaware. The company was already the target of a lawsuitin November regarding the status of roughly 55 million shares of Robinhood.
The Robinhood shares — worth more than $590 million at the time of publication — have been a point of contention among parties including BlockFi, FTX creditor Yonathan Ben Shimon, and Bankman-Fried himself. The Justice Department announced on Jan. 6 itas well as roughly $20 million in U.S. dollars as part of the case against FTX and its executives.
Emergent Fidelity Technologies claimed ownership of the shares and the $20 million as its “only known assets," previously held by brokerage firm Marex Capital Markets before the DOJ seizure. According to a declaration by Angela Barkhouse, one of the Joint Provisional Liquidators in the case, Emergent Fidelity Technologies filed for Chapter 11 in the same court as FTX to pursue a “form of joint administration” between the two bankruptcies.
“The [Joint Provisional Liquidators’] duties are to the Debtor’s creditors, whoever those creditors may be,” said Barkhouse. “Given the many parties claiming to be creditors or outright owners of the [Robinhood shares] in proceedings in the U.S., the JPLs believe that chapter 11 protection is the only practical way to empower the Debtor to defend itself, the Assets, and its creditors’ interests in the U.S.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sam Bankman-Fried Negotiating Bail Conditions, Court Filing SaysCounsel for former FTX CEO Sam Bankman-Fried is currently in talks with U.S. prosecutors to “resolve the outstanding issues related to Bankman-Fried’s bail conditions,” according to a court filing. Meanwhile, Proposals to subpoena FTX founder Sam Bankman-Fried, his immediate family and senior staff of the bankrupt crypto exchange have been opposed by the U.S. Trustee. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De breaks down the latest on Sam Bankman-Fried and FTX's hearings.
Read more »
Former FTX CEO Sam Bankman-Fried is restricted from using encrypted messaging appsSam Bankman-Fried, the former CEO of crypto exchange FTX, no longer can use encrypted apps like Signal, where messages self-delete, according to a Feb. 1...
Read more »
FTX’s Sam Bankman-Fried wins crypto case brought by TexasThe state board contended Bankman-Fried offered unregistered securities through FTX’s yield-bearing cryptocurrency accounts and that he owed refunds to Texas...
Read more »
Sam Bankman Fried’s co-founder gave GOP govs group $500,000 right before bankruptcyJust days FTX filed for bankruptcy, the company’s co-CEO Ryan Salame wrote a $500,000 check to the Republican Governors Association, the main campaign arm tasked with electing GOP executives across the country.
Read more »
Sam Bankman-Fried in talks to resolve bail dispute, lawyer saysSam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over the FTX cryptocurrency exchange founder's bail conditions, his lawyer said on Thursday.
Read more »