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Just noting that the FT article has a statement from its interim CEO: “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportuni
by zinekeller 4y ago
Just noting that the FT article has a statement from its interim CEO:
“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” [John J] Ray [III] said.
- NotYourLawyer 4y agoStakeholders == company insiders, right?
- cbsmith 4y agoNo, in this case, it'd be anyone that the company owes money to, with the shareholders being at the back of the queue.
- bilbo0s 4y agoWell, secured creditors really. They may or may not be insiders. The people who are really hosed are the non secured creditors. Who, again, may or may not be insiders. That said, in either case, they are very likely to be extremely disappointed in what is recovered. I just have a sneaky suspicion that even the USD6 Billion that everyone hopes remains available, is not actually there. But time will tell.