Deadline looms for 3AC creditors
Creditors of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have less than a month left to submit claims to be considered for an upcoming dividend distribution. Teneo, the firm tasked with liquidating 3AC’s assets, has issued a notice urging creditors who haven’t submitted their claims to do so by March 14, 2024. Additionally, creditors who have already submitted claims but have not received confirmation should also contact Teneo.
The notice specifies that creditors must send a written letter containing their name, address, particulars of their debt or claim, and the names and addresses of their legal practitioners (if any) to the joint liquidators of the company, Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited, based in the British Virgin Islands.
Interim dividend distribution details remain undisclosed
Teneo has refrained from disclosing the specific amount earmarked for interim dividends to creditors and has opted not to provide further details regarding the final distribution. According to the notice, the liquidators are slated to disburse the funds on or around March 31, 2024. However, in December 2023, the firm estimated that creditors would receive approximately 46% of their claims, bringing the total recovered assets to $1.16 billion. This projection falls below the total of $2.7 billion due for distribution, as indicated by 154 claims filed.
Data from the analytics platform Scopescan on February 23 reveals the presence of an Ethereum wallet address labeled ‘Teneo: 3AC Liquidation,’ containing $887.3 million worth of crypto assets. Among these assets are Worldcoin (WLD), Starknet (STRK), dYdX (DYDX), USD Coin, SuperRare (RARE), WOO (WOO), and Tokenize Xchange (TKX).
3AC resolution of disputes with BlockFi
A United States judge recently approved a settlement resolving claims and disputes between 3AC and crypto lender BlockFi. Three Arrows Capital filed for Chapter 15 bankruptcy on July 1, 2022, after being severely impacted by the collapse of the Terra ecosystem in May of the same year. Despite managing over $10 billion worth of assets, the hedge fund’s operations were hampered by the adverse effects of the Terra ecosystem collapse.
Co-founders Kyle Davies and Su Zhu have been evading liquidators since the bankruptcy filing, further complicating the recovery process in the case.
Creditors of Three Arrows Capital are urged to swiftly submit their claims before the looming March 14, 2024 deadline. With the liquidation process underway, stakeholders await further updates on the dividend distribution as Teneo continues its efforts to resolve the aftermath of the hedge fund’s collapse.
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Deadline looms for 3AC creditors
Creditors of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have less than a month left to submit claims to be considered for an upcoming dividend distribution. Teneo, the firm tasked with liquidating 3AC’s assets, has issued a notice urging creditors who haven’t submitted their claims to do so by March 14, 2024. Additionally, creditors who have already submitted claims but have not received confirmation should also contact Teneo.
The notice specifies that creditors must send a written letter containing their name, address, particulars of their debt or claim, and the names and addresses of their legal practitioners (if any) to the joint liquidators of the company, Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited, based in the British Virgin Islands.
Interim dividend distribution details remain undisclosed
Teneo has refrained from disclosing the specific amount earmarked for interim dividends to creditors and has opted not to provide further details regarding the final distribution. According to the notice, the liquidators are slated to disburse the funds on or around March 31, 2024. However, in December 2023, the firm estimated that creditors would receive approximately 46% of their claims, bringing the total recovered assets to $1.16 billion. This projection falls below the total of $2.7 billion due for distribution, as indicated by 154 claims filed.
Data from the analytics platform Scopescan on February 23 reveals the presence of an Ethereum wallet address labeled ‘Teneo: 3AC Liquidation,’ containing $887.3 million worth of crypto assets. Among these assets are Worldcoin (WLD), Starknet (STRK), dYdX (DYDX), USD Coin, SuperRare (RARE), WOO (WOO), and Tokenize Xchange (TKX).
3AC resolution of disputes with BlockFi
A United States judge recently approved a settlement resolving claims and disputes between 3AC and crypto lender BlockFi. Three Arrows Capital filed for Chapter 15 bankruptcy on July 1, 2022, after being severely impacted by the collapse of the Terra ecosystem in May of the same year. Despite managing over $10 billion worth of assets, the hedge fund’s operations were hampered by the adverse effects of the Terra ecosystem collapse.
Co-founders Kyle Davies and Su Zhu have been evading liquidators since the bankruptcy filing, further complicating the recovery process in the case.
Creditors of Three Arrows Capital are urged to swiftly submit their claims before the looming March 14, 2024 deadline. With the liquidation process underway, stakeholders await further updates on the dividend distribution as Teneo continues its efforts to resolve the aftermath of the hedge fund’s collapse.
Read More