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You can't really pick and choose where to have your bankruptcy. This filing is for FTX's US entities, those in Antigua will be wound up with Antigua's rules.
by rippercushions 4y ago
You can't really pick and choose where to have your bankruptcy. This filing is for FTX's US entities, those in Antigua will be wound up with Antigua's rules.
- phire 4y agoYes, that's what's weird. FTX Trading Ltd is "is incorporated in Antigua and Barbuda, and headquartered in The Bahamas", yet the linked statement clearly says FTX Trading Ltd (plus the FTX US entity, and Alameda, and others) are filing for Chapter 11 under US law in Delaware. Is there a parent company of FTX Trading Ltd that's based in the US? Edit: Apparently "Paper Bird Inc" is registered in Delaware, is 100% owned by SBF, and has ~89% ownership of FTX Trading Ltd.
- donedeals 4y agoIt’s probably because the parentco is filing. Need to see the BK filing to understand.
- kgwgk 4y agoAccording to the filing Paper Bird Inc. owns approximately 75% of FTX Trading Ltd. - the rest is owned by third party investors. https://qz.com/full-text-ftx-bankruptcy-filing-1849772656 https://qz.com/full-text-ftx-bankruptcy-filing-1849772656