FTX Asks Judge For Help In Fight Over Robinhood Shares Worth About $450 Million (coindesk.com) 7
FTX sought a U.S. bankruptcy court's help amid a battle over ownership of about $450 million worth of stock in Robinhood Markets (HOOD), according to a filing (PDF) Thursday. CoinDesk reports: At issue are about 56 million shares of the brokerage owned by Emergent Fidelity Technologies Ltd., a corporate entity organized in Antigua and Barbuda and 90% controlled by former FTX CEO Sam Bankman-Fried, according to the filing. Three parties, the filing says, have tried to get control of those shares: BlockFi (a lender that FTX had helped prop up earlier this year), Yonathan Ben Shimon (an FTX creditor appointed as a receiver in Antigua and granted permission to sell the shares under supervision of a court there) and Bankman-Fried himself (who has legal bills).
FTX's bankruptcy estate told ED&F Man Capital Markets, the brokerage where the shares are parked, to freeze the stock around the time the Chapter 11 case began on Nov. 11. FTX has determined that Emergent only "nominally" owns the shares and that they truly belong to FTX. "Emergent is a special-purpose holding company that appears to have no other business," the crypto exchange said in the filing. The judge overseeing the bankruptcy case should force the shares to remain frozen while FTX tries to figure out how to repay all its creditors, FTX argued in the filing.
FTX's bankruptcy estate told ED&F Man Capital Markets, the brokerage where the shares are parked, to freeze the stock around the time the Chapter 11 case began on Nov. 11. FTX has determined that Emergent only "nominally" owns the shares and that they truly belong to FTX. "Emergent is a special-purpose holding company that appears to have no other business," the crypto exchange said in the filing. The judge overseeing the bankruptcy case should force the shares to remain frozen while FTX tries to figure out how to repay all its creditors, FTX argued in the filing.
This Hour, on Crypto Dot (Score:2, Insightful)
This is no longer in any way related to technology or stuff that matters.
Just stop.
Re: (Score:2)
Yea, please stop, because I can't stop laughing. Now they managed to get Robinhood peripherally mentioned in this - what's next, Goldman Sachs?
Re: (Score:2)
Just stop. Yea, please stop, because I can't stop laughing. Now they managed to get Robinhood peripherally mentioned in this - what's next, Goldman Sachs?
Or mentioning Bernie Madoff?
Oh wait...I think that one's been done already.
Need a dang scorecard to track all the peripheral mentions in this loony FTX story.
Re: This Hour, on Crypto Dot (Score:2)
Slashdot was the first site to mention Bitcoin in my experience. FTX is a crypto currency company and therefore is definitely related to technology. Many of SBFs community and friends are in Silicon Valley. Itâ(TM)s relevant, interesting, and does belong on this site.
Who cares? (Score:2)
In this case, SBF used some money made on crypo Ponzi to purchase HOOD stock, I have no love for HOOD, but in this case it's just an asset. no different than if SBF bought gold, silver, or US government bonds. Does Emergent Fidelity Technologies Ltd own ANY other stock/bonds/cash?
Only a fool... (Score:2)
The daily crypto soap (Score:2)
Frankly, the storylines get even more harebrained and hackneyed than in the usual soaps. Could we switch the channel, pretty please?