SBF’s Emergent Fidelity Technologies Files for Bankruptcy
A Sam Bankman-Fried holding company based in Antigua and Barbuda, Emergent Fidelity Technologies, has filed for bankruptcy under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. The company is infamous, being under-fire regarding the status of around 55 million shares of Robinhood when BlockFi filed a lawsuit against them.
The Robinhood shares worth around $590 million as well as an additional $20 million in U.S. dollars have been seized by The Justice Department as part of the case against FTX, the department announced on January 6 of 2023. Emergent Fidelity Technologies is claiming ownership of these assets, regarding them as its “only known assets”.
Angela Barkhouse, one of the Joint Provisional Liquidators (JPLs) in the case, is pursuing a “form of joint administration” between Emergent Fidelity Technologies’ bankruptcy and that of FTX, re-iterating that the JPL’s believe that “Chapter 11 protection is the only practical way to empower the Debtor to defend itself, the Assets, and its creditors’ interests in the U.S.”
Sources:
https://cointelegraph.com/news/sam-bankman-fried-s-holding-company-files-for-bankruptcy
https://finance.yahoo.com/news/sam-bankman-frieds-emergent-fidelity-221634464.html
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