Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed in a Twitter thread that the primary assembly of 3AC collectors was held on Jan. 11. Davies invited all collectors to affix the group and introduced that it could meet usually.
Based on Davies, collectors proceed to specific frustration with the continuing prices and dealing with of belongings within the chapter course of, suggesting that, “inter creditor disputes are delaying the method, and the property worth will not be being maximized.”
At the moment we held an advert hoc 3AC creditor assembly. All collectors are open to affix and this shall be a daily assembly.
Right here is an summary of the factors mentioned:
— Kyle Davies (@KyleLDavies) January 11, 2023
The group mentioned a number of matters, together with methods to cut back “ongoing authorized prices, pursue claims on a contingency foundation in opposition to Luna consortium/FTX/Genesis, and manage higher methods to cope with asset gross sales/distributions.”
It is a creating story, and additional data shall be added because it turns into out there.