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05-12-2022, 08:22 AM
PUBLISHED DEC 4, 2022, 11:33 AM SGT
NEW YORK - Insolvency professionals overseeing the clean-up of defunct crypto hedge fund Three Arrows Capital said they have taken control of more than US$35 million (S$47 million) of hard currencies, seized more than 60 types of digital tokens and even sought US$30 million (S$40.5 million) from the sale of a superyacht named Much Wow as part of their recovery efforts.
But the lack of cooperation from fund founders Zhu Su and Kyle Davies is complicating the liquidation, which is designed to repay creditors owed more than US$3 billion as much as possible.
Advisers for Three Arrows have still had only two live conversations – via video conference – with the founders, who are believed to be in either Bali or the United Arab Emirates
......
Mr Zhu and Mr Davies’ lack of engagement is making even the simplest legal processes difficult. Because their precise whereabouts are unknown, lawyers are trying to subpoena the duo via Twitter. But on Friday, US bankruptcy judge Martin Glenn voiced concern about the effectiveness of such an order because Mr Zhu and Mr Davies’ citizenship is unclear.
https://www.straitstimes.com/business/li...yacht-sale
NEW YORK - Insolvency professionals overseeing the clean-up of defunct crypto hedge fund Three Arrows Capital said they have taken control of more than US$35 million (S$47 million) of hard currencies, seized more than 60 types of digital tokens and even sought US$30 million (S$40.5 million) from the sale of a superyacht named Much Wow as part of their recovery efforts.
But the lack of cooperation from fund founders Zhu Su and Kyle Davies is complicating the liquidation, which is designed to repay creditors owed more than US$3 billion as much as possible.
Advisers for Three Arrows have still had only two live conversations – via video conference – with the founders, who are believed to be in either Bali or the United Arab Emirates
......
Mr Zhu and Mr Davies’ lack of engagement is making even the simplest legal processes difficult. Because their precise whereabouts are unknown, lawyers are trying to subpoena the duo via Twitter. But on Friday, US bankruptcy judge Martin Glenn voiced concern about the effectiveness of such an order because Mr Zhu and Mr Davies’ citizenship is unclear.
https://www.straitstimes.com/business/li...yacht-sale
