FTX, underneath new CEO John J. Ray III, has asked the court to intervene in the battle above ownership of HOOD stock really worth about $450 million.
In early 2022, former FTX CEO Sam Bankman-Fried purchased 56 million shares of HOOD, owning a seven.six% stake in Robinhood. These shares are recognized to have a existing worth of about $450 million, and are one particular of the handful of remarkably liquid assets FTX has left right after the platform filed for bankruptcy in mid-November.
The difficulty, having said that, is that these 56 million shares have been obtained “in name” by the brokerage company Emergent Fidelity Technologies Ltd., which is 90% owned by Sam Bankman-Fried.
According to court filings, 3 events sought to attain handle of the shares, which includes:
- BlockFi (the lending organization backed by FTX earlier this 12 months)
- Yonathan Ben Shimon (a creditor of FTX who represents the recipient of Emergent and is authorized to promote shares underneath the supervision of the Antigua court) and
- It was Mr. Sam Bankman-Fried (who had the legal account).
FTX argued that Emergent owned the stock in identify only and for a unique goal unrelated to the company. Thus, FTX is without a doubt the proprietor of 56 million HOOD shares.
As a outcome, the exchange suggests:
“The judge is expected to decide to freeze HOOD’s shares while FTX and Mr. Bankman-Fried are seeking to acquire ownership of the shares to repay all creditors.”
Returning to the most current developments, former CEO Sam Bankman-Fried was convicted in a New York court launched on $250 million bail, mortgaged from his parents’ true estate. In the meantime, he will be closely monitored by the authorities, in compliance with court summons.
Former Alameda Research CEO Caroline Ellison and former FTX Chief Technology Officer Gary Wang have made a decision to confessadmitting they knew the actions have been incorrect but continued, each mentioned they would truthfully plead leniency.
HOOD is at present trading at $seven.95, down much more than 90% in contrast to ATH.
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