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Court docket filings present that debtors from FTX Buying and selling Ltd. and Alameda Analysis need 56 million shares of Robinhood inventory frozen after a number of collectors are looking for entry to the funds, and likewise Sam Bankman-Fried (SBF).
Court docket Submitting Desires to ‘Implement an Computerized Keep’ In opposition to Claims Over FTX’s 56 Million Robinhood Shares
On Dec. 22, 2022, courtroom paperwork present that debtors from FTX wish to freeze 56 million Robinhood shares owned by a subsidiary crafted by SBF referred to as Emergent Constancy Applied sciences. The debtors from FTX and Alameda have mentioned that a number of entities are looking for to say these belongings, together with the now-defunct crypto lending agency Blockfi. FTX desires the courtroom to implement an automated keep in opposition to claims for the 56 million Robinhood shares price roughly $450 million.
The Class A typical inventory Robinhood shares are at present custodied at ED&F Man Capital Markets Inc. (EDFM) in New York Metropolis. EDFM doesn’t dispute the possession of the $450 million shares of Robinhood inventory. The courtroom filings say that not solely is BlockFi Inc. making an attempt to achieve entry to the shares, however Yonathan Ben Shimon and SBF are additionally trying to acquire the shares. FTX insists to the courtroom that the debtors have “no less than a ‘colorable’ declare to possession of the Robinhood Shares.”
“The truth that a number of prepetition collectors of various Debtors and Mr. Bankman-Fried are all looking for to acquire possession of the Robinhood Shares demonstrates that the asset must be frozen till this Court docket can resolve the problems in a way that’s truthful to all collectors of the Debtors,” the FTX courtroom submitting submitted on Thursday night particulars. “The complete evidentiary file, as soon as fully developed, will present the Robinhood Shares are conclusively property property,” FTX added.
The submitting exhibits that Alameda’s ex-CEO Caroline Ellison allegedly nearly bought the Robinhood shares in an over-the-counter (OTC) deal. Additional, Ellison later pledged the shares to Blockfi to be able to begin a deal which was an try to save lots of the troubled crypto lender from defaulting and submitting for chapter. The courtroom doc exhibits that Blockfi’s CEO Zac Prince “agreed to Ms. Ellison’s supply to pledge the Robinhood Shares and sure different Alameda belongings as safety for Alameda’s money owed.”
What do you consider the courtroom filings that present FTX desires to freeze $450 million price of Robinhood shares? Tell us what you consider this topic within the feedback part under.
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