.FTX_Official asked a judge to keep 56 million Robinhood shares frozen while it tries to figure out how to repay all its creditors. SBF_FTX is among those who've tried to get control over them. inkbacker reports $HOOD
At issue are about 56 million shares of the brokerage owned by Emergent Fidelity Technologies Ltd., a corporate entity organized in Antigua and Barbuda and 90% controlled by former FTX CEO Sam Bankman-Fried, according to the filing.
Three parties, the filing says, have tried to get control of those shares: BlockFi , Yonathan Ben Shimon and Bankman-Fried himself .FTX's bankruptcy estate told ED&F Man Capital Markets, the brokerage where the shares are parked, to freeze the stock around the time the Chapter 11 case began on Nov. 11. FTX has determined that Emergent only"nominally" owns the shares and that they truly belong to FTX.
The judge overseeing the bankruptcy case should force the shares to remain frozen while FTX tries to figure out how to repay all its creditors, FTX argued in the filing. "The fact that multiple prepetition creditors of different Debtors and Mr. Bankman-Fried are all seeking to obtain possession of the Robinhood Shares demonstrates that the asset should be frozen until this Court can resolve the issues in a manner that is fair to all creditors of the Debtors," FTX said.
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