Insolvency absolutely doesn't mean there's no more money or firm to pay you. They're seeking bankruptcy protection because they have money, but not as much as t

Insolvency absolutely doesn't mean there's no more money or firm to pay you. They're seeking bankruptcy protection because they have money, but not as much as they owe. So now someone has to go through every penny that FTX owes, who it owes that money to, and in what order. Then they either sell off FTX or its assets, and use the money to pay the creditors. What this article is basically saying is that this Arena is now a creditor to FTX. In this particular situation, sure, they're unlikely to get a penny back, but that doesn't mean that there were no situation where they could've been paid.