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US Bankruptcy Court Approves Foreign Administrator for Three Arrows Capital's Debt
The administrator will also be able to subpoena the crypto hedge fund's founders.
A U.S. federal bankruptcy court has approved a request by foreign representatives of liquidators of Three Arrows Capital to administer the crypto hedge fund's assets in the U.S. and subpoena its founders and other relevant parties, according to an order issued Tuesday.
- The Singapore-based hedge fund filed for Chapter 15 bankruptcy protection in the U.S. on July 1. It had previously been ordered to be liquidated in the British Virgin Islands.
- Earlier on Tuesday, Three Arrows’s co-founder Su Zhu posted screenshots of an email sent from his legal counsel to legal representatives of its liquidators, alleging they are “baiting” Zhu and co-founder Kyle Davis and ignoring their good-faith attempts to work with them.
- In legal documents filed late Friday, lawyers for Three Arrows's liquidators said Zhu and Davies were not cooperating with the proceedings and their location is unknown.
- The first meeting of Three Arrow's creditors will be held on July 18, according to sources who spoke to The Block. The meeting will be hosted by Teneo, a financial advisory firm that is 3AC's court-appointed liquidator.
STORY CONTINUES BELOW
UPDATE (July 12, 20:37 UTC): Updated with meeting information in the fourth bullet point.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
