Assets of $35.six million have been confiscated from Three Arrows Capital Fund
Liquidator Three Arrows Capital confiscated $35.six million of the fund’s money and criticized the founders for deliberately hiding. Assets of $35.six million h...
Liquidator Three Arrows Capital confiscated $35.six million of the fund’s money and criticized the founders for deliberately hiding.
Three Arrows Capital’s (3AC) asset liquidator mentioned it had seized $35.six million in assets from financial institution accounts in Singapore.
Teneo Restructuring – the aforementioned asset liquidator – exposed this is the biggest quantity it has raised from Three Arrows Capital considering that the investment fund filed for bankruptcy in July 2022, exposing debts of up to $three.five billion.
In addition, Teneo has raised $two.eight million from 3AC’s remaining investments, as effectively as an undisclosed quantity of 60 crypto and NFT tokens, but converted into US bucks with the regular marketing cost becoming $one,810. Teneo also took above 3AC’s 180 token order specials, but mentioned most of them have been “illiquid and had a token freeze clause.” The liquidator is doing work on strategies to recover worth from these assets.
Not stopping there, Teneo also would like to confiscate the yacht ordered by the founders of Three Arrows Capital ahead of the fund went bankrupt. The yacht is identified as “Much Wow”, a parody of the Dogecoin memes. The founders of 3AC are mentioned to have invested up to $50 million purchasing the yacht, employing it as a device to brag to partners and declare “she’s bigger than every billionaire yacht in Singapore”. .
After Three Arrows Capital went bankrupt and could not pay out, shipbuilder Sanlorenzo offered the yacht for $thirty million. Teneo mentioned he has filed a complaint with the Cayman Islands court (exactly where the yacht is registered) trying to find income.
Teneo also criticized the two founders of Three Arrows Capital, Zhu Su and Kyle Davies, for deliberately keeping away from and refusing to cooperate with the liquidator, but appeared in the media to talk about the “truth” following the fall of FTX.
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