3AC Lenders Dissatisfied With Bankruptcy Process – Cryptonium News

3AC Lenders Dissatisfied With Bankruptcy Process

Co-Founder of Three Arrows Capital Raises Funds Amid Bankruptcy Fee Claims
Kyle Davies, co-founder of bankrupt hedge fund Three Arrows Capital (3AC), said a group of 3AC creditors is processing the bankruptcy filing.

According to his text, creditors continue to put a damper on ongoing claims and asset redemption claims during the bankruptcy process; Davies noted that “disputes among creditors have delayed the process and asset values have not been maximized.”

He added, “Today we held a special meeting of the 3AC creditors. Not all creditors are closed for rolls and this will be a permanent meeting,” Davies said in a statement.

He said that at the first meeting, members covered many topics, including how to mitigate current legal losses, how to sue the Luna Consortium, FTX, and Genesis for unexpected living conditions, and more effective ways of monetizing and disposing of assets. the co-founders of the 3AC have invited all creditors to join the group, and announced an organizational meeting, but declined to reveal nearly all the details.

The company filed for bankruptcy in a New York court last July 1, but the whereabouts of Davis and Zhu Su, the founders of 3AC, are unknown. Since then, attorneys representing the trustee in the case have tried to locate and recover the assets, but the founders have flatly refused to cooperate.

As a result, Davies was publicly subpoenaed via Twitter and asked to cooperate in court regarding the firm’s collapse. He now has until January 26, 2023 to provide the New York court with all information regarding the bankrupt hedge fund.

In total, the fund owes creditors about $2.8 billion. The list of creditors includes the bankrupt Celsius Network and Voyager Digital, Blockfi, Digital Currency Group (owner of Coin Desk), Moonbeam Network, Algoland, Bitgo, Galaxy Digital, SBI Crypto, Coinlist The following are included in the list. Some creditors only made decisions to calculate losses incurred; therefore, accrued amounts are not considered final. Could not read all totals. Repeated retries…