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A US bankruptcy court has allowed liquidators of the defunct crypto hedge fund Three Arrows Capital to raise their claim against the collapsed exchange FTX from $120 million to $1.53 billion. Chief Judge John Dorsey dismissed FTX’s objections, stating that the liquidators had provided adequate notice of their claim.
A US bankruptcy court has allowed liquidators of the defunct crypto hedge fund Three Arrows Capital to raise their claim against the collapsed exchange FTX from $120 million to $1.53 billion. Chief Judge John Dorsey dismissed FTX’s objections, stating that the liquidators had provided adequate notice of their claim.
Byju’s, facing a $1.2 billion debt crisis, has been ordered by a U.S. court to return ownership of two lucrative education apps after they were improperly transferred. The ruling follows a finding of fraud involving $533 million by Riju Ravindran, the CEO's brother, and highlights ongoing legal battles with U.S. lenders amid insolvency proceedings in India. Court-appointed trustee Claudia Springer is overseeing the bankruptcy of Byju’s U.S. units, which have been accused of misappropriating funds and manipulating ownership records.
Byju’s, facing a $1.2 billion debt crisis, has been ordered by a U.S. court to return ownership of two lucrative education apps after they were improperly transferred. The ruling follows a finding of fraud involving $533 million by Riju Ravindran, the CEO's brother, and highlights ongoing legal battles with U.S. lenders amid insolvency proceedings in India. Court-appointed trustee Claudia Springer is overseeing the bankruptcy of Byju’s U.S. units, which have been accused of misappropriating funds and manipulating ownership records.
FTX creditor Lidia Favario has raised concerns over extravagant spending by bankruptcy managers, citing high-end hotel stays and excessive transportation costs that violate DOJ guidelines. She urged the court to enhance expense reviews to ensure accountability, as many creditors face significant financial losses. Additionally, creditor Sunil Kavuri warned of scam emails targeting FTX creditors, advising them to rely solely on the official claims portal for updates, as repayments are not expected before March 2025.
An obscure DOJ regulation, 28 CFR 9.8(c), often leaves cryptocurrency fraud victims without restitution, prioritizing government claims on forfeited assets over compensating victims. This regulation limits recovery to the value of stolen assets at the time of loss, disregarding significant appreciation in volatile markets like crypto. Despite the rise in crypto fraud complaints, the regulation continues to hinder victims' recovery efforts, as seen in the recent FTX case where creditors missed out on substantial gains due to the timing of their compensation.
Franchise Group Inc. has received temporary court approval to borrow up to $250 million from senior lenders to maintain operations during its Chapter 11 bankruptcy proceedings. Bankruptcy Judge John Dorsey dismissed objections from lower-ranking creditors, who proposed an alternative loan with lower fees and interest but insufficient cash for the company's needs.
John Dorsey
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Three Arrows Capital increases FTX claim to 1.53 billion dollars
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