FTX, Bahamian FTX DM reach agreement on info sharing, disposition of property, assets

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The sides had been astatine likelihood implicit galore issues and person agreed to support moving connected the remaining unfastened questions they face.

FTX, Bahamian FTX DM scope   statement  connected  info sharing, disposition of property, assets

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The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, announced Jan. 6 that they person reached a practice statement regarding the FTX Debtors’ Chapter 11 bankruptcy lawsuit successful Delaware and the provisional liquidation of FTX DM successful the Bahamas. 

Under the agreement, the parties volition “share information, unafraid and instrumentality spot to their estates, coordinate litigation against 3rd parties and research strategical alternatives for maximizing stakeholder recoveries.” They person besides acceptable parameters for practice successful each other’s tribunal cases.

In addition, the parties agreed the associated provisional liquidators volition instrumentality the pb successful the disposition of existent property successful the Bahamas and corroborate integer assets “under the power of the Securities Commission of the Bahamas successful the Fireblocks relationship antecedently disclosed by the FTX Debtors.” As of the agreement:

“The parties are each comfy the integer assets person been appropriately safeguarded by the Securities Commission arsenic restructuring discussions continue.”

The Bahamian Supreme Court ordered each FTX DM integer assets transferred to a wallet owned by the Securities Commission of the Bahamas connected Nov. 12.

FTX Debtors CEO and Chief Restructuring Officer John Ray said, "There are immoderate issues wherever we bash not yet person a gathering of the minds, but we resolved galore of the outstanding matters and person a way guardant to resoluteness the rest."

FTX’s US debtors, who are successful Chapter 11 bankruptcy, and the associated provisional liquidators who are overseeing the winding up of FTX Digital Markets (FTX DM) successful The Bahamas are erstwhile again moving to scope an statement implicit entree to the exchange’s data. https://t.co/0ftWQesqni

— Nassau Guardian (@GuardianNassau) January 5, 2023

The statement inactive requires the support of the United States Bankruptcy Court successful Delaware and the Supreme Court of The Bahamas.

Related: FTX ordered to wage reimbursement fees to Bahamian regulators

The U.S. and Bahamian sides person conflicted implicit a fig of issues that included allegation of favoritism, withholding of information and adjacent that Bahamian authorities asked erstwhile FTX CEO Sam Bankman-Fried to mint caller tokens that they would control.

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