The saga of the FTX exchange, its sister company Alameda Research, and its former CEO Sam Bankman-Fried continues to follow the bankruptcy process. So far, so many discovery, the request was deniedand sale of assets by these parties.
The latest development is the sale of Alameda Research’s interest in Sequoia Capital to the sovereign wealth fund N Abu Dhabi. A new court documents by the US Bankruptcy Court for the District of Delaware disclosed the agreement between the parties.
Important Details on the Alameda Research Agreement
One of the reasons for approving a sale is the speed with which the Buyer will execute the Sale Transaction. Also, Al Nawwar Investments RSC’s bid was superior to four other potential buyers, make the best choice for Alameda Research.
In particular, Purchaser Al Nawwar Investments RSC is a company under the government of Abu Dhabi and already owns some of Sequoia’s shares. The deal with Alameda Research is worth $45 million and could close by the end of March if Delaware bankruptcy judge John Dorsey approves.
The judge is always involved in the FTX legal process and even allows to sell some of the assets it has after the bankruptcy filing. Some of the assets that Dorsey has signed are the assets of LedgerX, Embed, FTX Europe, and FTX Japan.
After selling these assets, FTX was able to recover more than $5 billion in liquid crypto assets and cash. Also, on March 8, a judge approved a $445 million claim by Alameda Research on Voyager Digital regarding debt repayment.
Alameda Research’s recent agreement to sell its Sequoia interest to the Abu Dhabi government is another attempt by FTX to raise enough funds to pay off its debt.
Latest Developments In FTX Bankruptcy Case
Earlier today, the founder of FTX SBF tried to raise money after Binance stopped the process to buy the exchange. On November 15, 2022, Reuters reported that SBF and some FTX employees used the weekend to call investors seeking to raise funds.
After the $250 million bailout, SBF blamed many people for failing to bail out FTX. A post a blog in Coinmarketcap it was revealed that the former CEO blamed the complete bearish market of 2022 as one of the causes of FTX’s collapse.
The latest developments in the case show that the professionals who worked on the bankruptcy of FTX have paid $ 38 million for January 2023. court filings announced that the three companies assigned to the case, Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan, paid $16.8 million, $663,995, and $1.4 million, respectively.
In particular, the company employs 180 lawyers and more than 50 non-lawyers that include paralegals and others.
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