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FTX to file for U.S. bankruptcy, CEO resigns

reuters.com

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Re: FTX to file for U.S. bankruptcy, CEO resigns

#221

Post by donedeals »

phire wrote: post #150
rippercushions wrote: post #95

Earlier quoted context omitted.

You can't really pick and choose where to have your bankruptcy. This filing is for FTX's US entities, those in Antigua will be wound up with Antigua's rules.

Yes, that's what's weird. FTX Trading Ltd is "is incorporated in Antigua and Barbuda, and headquartered in The Bahamas", yet the linked statement clearly says FTX Trading Ltd (plus the FTX US entity, and Alameda, and others) are filing for Chapter 11 under US law in Delaware. Is there a parent company of FTX Trading Ltd that's based in the US? Edit: Apparently "Paper Bird Inc" is registered in Delaware, is 100% owned…

It’s probably because the parentco is filing. Need to see the BK filing to understand.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#222

Post by lost_tourist »

hestefisk wrote: post #88
guelo wrote: post #37

Why are they filing in the US? I thought they were Bahamas or Hong Kong besides ftx.us

Group holdings yes, but the US exchange and some of their other acquisitions are in US. It seems to be quite an elaborate cluster of firms that have filed for bankruptcy, which makes me think maybe someone was doing funny stuff with money.

Or hoping they could limit damage to one corp, but in this case the big daddy corp is sinking screwing all its assets

Re: FTX to file for U.S. bankruptcy, CEO resigns

#225

Post by mensetmanusman »

kodah wrote: post #131
rippercushions wrote: post #91

Earlier quoted context omitted.

Gaze on the beauty of this chart and despair: https://i.redd.it/078p4g7m6cz91.jpg

My god, it's like the blueprint to a Ponzi scheme

Someone needs to replace calling cards with crypto-currency in this Office skit:

https://youtu.be/lC5lsemxaJo

It fits perfectly

Re: FTX to file for U.S. bankruptcy, CEO resigns

#227

Post by cbsmith »

NotYourLawyer wrote: post #124
zinekeller wrote: post #15

Just noting that the FT article has a statement from its interim CEO: “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” [John J] Ray [III] said.

Stakeholders == company insiders, right?

No, in this case, it'd be anyone that the company owes money to, with the shareholders being at the back of the queue.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#228

Post by bilbo0s »

NotYourLawyer wrote: post #124
zinekeller wrote: post #15

Just noting that the FT article has a statement from its interim CEO: “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” [John J] Ray [III] said.

Stakeholders == company insiders, right?

Well, secured creditors really. They may or may not be insiders.

The people who are really hosed are the non secured creditors. Who, again, may or may not be insiders.

That said, in either case, they are very likely to be extremely disappointed in what is recovered. I just have a sneaky suspicion that even the USD6 Billion that everyone hopes remains available, is not actually there.

But time will tell.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#229

Post by Scoundreller »

Edmond wrote: post #26

>Enron turnaround veteran John J. Ray III has been appointed as the new CEO. Sam is only 30 so obviously doesn't appreciate just how retro this is... Enron & Crypto...as I live and breathe.

That puts him around 9 or 10 at the time. And the unwinding took a few years.

If he was high functioning and reading a daily newspaper, he’d have heard a lot about it.

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