During a Wednesday hearing, a Delaware bankruptcy court heard that FTX had sent $7.7billion in assets from its Bahamian estate over to its U.S counterparts. This was in preparation for its bankruptcy filing last January.
The Bahamas court-appointed joint provisional liquidators stated that $5.6 billion was transferred from the Bahamas unit FTX digital’s custodial accounts into U.S. entity FTX Trading, while $2.1 billion was transferred for FTX’s U.S. trading arm Alameda Research.
Christopher Shore, a lawyer representing the liquidator, stated during the hearing that “And then, we have other tangible assets in excess of $3 million, mostly relating office furniture, equipment, and the fleet of cars that employees had in the Bahamas.”
FTX’s new management signed a cooperation agreement with the Bahamas court-appointed liquidators in January to resolve any disagreements and deal with the assets.
“The cooperation agreement can be a starting point. The question of whether assets belong to the Bahamian estate, or the U.S. estate is still open. So Mr. The statements made by Mr. A representative of FTX stated that Senators had reserved all rights and, frankly, did not agree with many.”
At the same hearing, Judge John Dorsey, the presiding judge denied a motion for an independent examiner to investigate FTX’s finances – something representatives of FTX had previously stated could cost the estate approximately $100 million.
Continue reading: FTX’s US Leadership, Bahamas Liquidators State They Have ‘Resolved Most of Their Problems