Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed in a Twitter thread that the first meeting of 3AC creditors was held on Jan. 11. Davies invited all creditors to join the group and announced that it would meet regularly.
According to Davies, creditors continue to express frustration with the ongoing costs and handling of assets in the bankruptcy process, suggesting that, inter creditor disputes are delaying the process, and the estate value is not being maximized.
Today we held an ad hoc 3AC creditor meeting. All creditors are open to join and this will be a regular meeting.
Here is an overview of the points discussed:
— Kyle Davies (@KyleLDavies) January 11, 2023
The group discussed several topics, including ways to reduce ongoing legal costs, pursue claims on a contingency basis against Luna consortium/FTX/Genesis, and organize better ways to deal with asset sales/distributions.
This is a developing story, and further information will be added as it becomes available.
Read the full article here