1 year ago
FTX and Alameda Research are attempting to unafraid ownership of Robinhood banal worthy implicit $440 million, based connected a court filing dated Dec. 22.
According to the substance of the filing, Emergent Fidelity Technologies presently holds astir 56 cardinal Robinhood shares (HOOD). Emergent Fidelity Technologies is 90% owned by Sam Bankman-Fried, the erstwhile CEO of FTX and controller of Alameda.
The ownership of those Robinhood shares is present disputed, arsenic 3 abstracted parties are attempting to assertion ownership successful courts crossed aggregate jurisdictions.
The archetypal claimant is BlockFi, which accepted the Robinhood shares arsenic further collateral connected loans betwixt itself and Alameda Research anterior to Alameda and FTX’s collapse. BlockFi present intends to get and merchantability those shares and has been attempting to bash truthful done New Jersey courts since its ain bankruptcy connected Nov. 28.
The 2nd claimant is Yonathan Ben Shimon, an FTX creditor who is moving via a receiver successful Antigua to get the Robinhood shares.
The last claimant is Sam Bankman-Fried himself, who is attempting to displace the receiver successful Antiguan courts and get the shares. Bankman-Fried is expected to merchantability the shares to money his ineligible expenses; helium is currently connected bail successful beforehand of his trial.
FTX successful its filing contiguous insisted that Emergent lone nominally owns the shares and that Alameda Research is the existent proprietor of the Robinhood shares.
To enactment this claim, it argued that erstwhile Alameda CEO Caroline Ellison treated and “expressly represented” the Robinhood shares arsenic assets belonging to Alameda Research, some successful institution spreadsheets and successful negotiations with BlockFi.
FTX has requested that the justice frost the shares until matters are resolved. If necessary, it says that each creditors should enactment successful a claims process earlier the U.S. Bankruptcy Court of Delaware, wherever FTX’s bankruptcy proceedings are taking place.
The Robinhood shares person been a cardinal contented since FTX’s illness past month. As aboriginal arsenic Nov. 10, insiders suggested that Robinhood shares — on with FTX lawsuit deposits and FTX’s FTT token — were utilized to prop up Alameda Research.
Emergent purchased Robinhood shares connected behalf of Bankman-Fried this May. At that time, the shares were valued astatine $482 cardinal and amounted to 7.6% involvement successful Robinhood.
The station FTX attempts to support ownership of Robinhood shares successful court appeared archetypal connected CryptoSlate.
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