Re:Exec who cleaned up Enron calls FTX mess 'unprecedented'
by Animats on Friday November 18, 2022 @03:55PM
(#33662026)
Oh, that's a new filing from yesterday. Hadn't seen that one yet.
Here's the view from the Bahamas.[1][2] Apparently the government of the Bahamas did attempt, per a court decision there, in getting custody of some digital assets of FTX. The Bahamas have appointed a liquidator.
The Bahamas are tougher on bankruptcy than the US is. They are going straight to liquidation, while the US bankruptcy in Delaware is chapter 11, "debtor-in-possession / protection from creditors". This whole thing is likely to go to liquidation soon, since there is no ongoing business worth preserving.
There are organized ways of handling international bankruptcies. The Bahamas does not seem to be a party to the main treaty on that. There is, though, an extradition treaty between the Bahamas and the US.
Here's the view from the Bahamas.[1][2] Apparently the government of the Bahamas did attempt, per a court decision there, in getting custody of some digital assets of FTX. The Bahamas have appointed a liquidator.
The Bahamas are tougher on bankruptcy than the US is. They are going straight to liquidation, while the US bankruptcy in Delaware is chapter 11, "debtor-in-possession / protection from creditors". This whole thing is likely to go to liquidation soon, since there is no ongoing business worth preserving.
There are organized ways of handling international bankruptcies. The Bahamas does not seem to be a party to the main treaty on that. There is, though, an extradition treaty between the Bahamas and the US.
[1] http://www.tribune242.com/news/2022/nov/18/bahamas-rebuts-ft...
[2] https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Rele...