Courtroom filings present that debtors from FTX Buying and selling Ltd. and Alameda Analysis need 56 million shares of Robinhood inventory frozen after a number of collectors are in search of entry to the funds, and likewise Sam Bankman-Fried (SBF).
Courtroom Submitting Needs to ‘Implement an Computerized Keep’ Towards Claims Over FTX’s 56 Million Robinhood Shares
On Dec. 22, 2022, court docket paperwork present that debtors from FTX wish to freeze 56 million Robinhood shares owned by a subsidiary crafted by SBF known as Emergent Constancy Applied sciences. The debtors from FTX and Alameda have stated that a number of entities are in search of to say these property, together with the now-defunct crypto lending agency Blockfi. FTX desires the court docket to implement an computerized keep in opposition to claims for the 56 million Robinhood shares price roughly $450 million.
The Class A typical inventory Robinhood shares are at present custodied at ED&F Man Capital Markets Inc. (EDFM) in New York Metropolis. EDFM doesn’t dispute the possession of the $450 million shares of Robinhood inventory. The court docket filings say that not solely is BlockFi Inc. trying to realize entry to the shares, however Yonathan Ben Shimon and SBF are additionally seeking to acquire the shares. FTX insists to the court docket that the debtors have “at the very least a ‘colorable’ declare to possession of the Robinhood Shares.”
“The truth that a number of prepetition collectors of various Debtors and Mr. Bankman-Fried are all in search of to acquire possession of the Robinhood Shares demonstrates that the asset needs to be frozen till this Courtroom can resolve the problems in a fashion that’s truthful to all collectors of the Debtors,” the FTX court docket submitting submitted on Thursday night particulars. “The complete evidentiary document, as soon as utterly developed, will present the Robinhood Shares are conclusively property property,” FTX added.
The submitting exhibits that Alameda’s ex-CEO Caroline Ellison allegedly virtually bought the Robinhood shares in an over-the-counter (OTC) deal. Additional, Ellison later pledged the shares to Blockfi to be able to begin a deal which was an try to save lots of the troubled crypto lender from defaulting and submitting for chapter. The court docket doc exhibits that Blockfi’s CEO Zac Prince “agreed to Ms. Ellison’s provide to pledge the Robinhood Shares and sure different Alameda property as safety for Alameda’s money owed.”
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