• The US Bankruptcy Court for the District of Delaware recently revealed that Alameda Research sold its interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund.
• Judge John Dorsey has approved the sale and also allowed FTX to sell some of its assets, including those of LedgerX, Embed, FTX Europe, and FTX Japan.
• Alameda Research’s recent agreement is worth $45 million and could close by the end of March with Judge Dorsey’s approval.
The Saga Of The FTX Exchange
The saga of theFTX exchange, its sister company Alameda Research, and former CEO Sam Bankman-Fried continue following the bankruptcy proceedings. So far, There have been many discoveries, rejected pleas, and sales of assets by these parties.
Essential Details Of Alameda Research Deal
The latest development is selling Alameda Research’s interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund. A recent court document by the US Bankruptcy Court for the District of Delaware revealed the agreement between the parties. One of the reasons for agreeing to the sale was the speed at which the Purchaser would execute the Sale Transaction. Also, Al Nawwar Investments RSC’s offer was superior to four other prospective buyers making it best option for Alameda Research. Notably,the PurchaserAl Nawwar Investments RSC is a company under Abu Dhabi government and already owns some sharesof Sequoia Its deal with Alameda research is worth $45 million and might be close by endof MarchifDelaware bankruptcy judge John Dorsey approves it.
Recent Developments On FTX Bankruptcy Case
The judge had always participated in FTX legal proceedingsand evenallowed itto sell someof itsassets after bankruptcy filing . Someof assetsDorsey signed off onwere assetsLedgerx , Embed ,FTx Europe ,andFTxJapan .Aftersale theseassets ,FTx could recover more than$5 billionin liquid cryptoassets cash .Alsoon March 8 ,judgeapproved 445 millionclaimbyAlamedaresearchon VoyagerDigital regarding loan repayments .Alamedaresearch’s recentagreementtosellitsSequoiainteresttoAbuDhabigovernmentis another attemptbyFTxtoraise enough funds topayitscreditors .Beforenow ,FTxfounder SBF hadmade notableattemptstoraisecashafterBinancestopped processestobuyexchange .
BitStarz Player Lands Record Win!
On November 15th 2022 Reuters reported that SBF and someemployeesof FTXuseda weekendfor a virtualroadshowtoraisefundsfor buybackplanand restorevaluefortheir shareholders .
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