The joint provisional liquidators of FTX Digital Markets — the agency’s subsidiary within the Bahamas — have launched a report on the corporate’s bodily property within the island nation.
According to an affidavit filed by a PricewaterhouseCoopers accomplice with the Bahamas’ supreme court docket on Feb. 8, FTX’s joint provisional liquidators, or JPLs, mentioned the corporate had bought 52 properties within the Bahamas, together with models “within the title of particular person workers or family of Sam Bankman-Fried, regardless of FTX Digital offering the funding.” These properties, which included housing for FTX workers and business workplace area, had been value roughly $255 million and bought by an FTX subsidiary.
The JPLs additionally recognized “a fleet of automobiles” FTX’s workers had used across the island value roughly $2.4 million, $500,000 value of workplace furnishings and laptop tools and 13 leased storage models whose contents nonetheless should be assessed. The liquidators mentioned they might “start disposals” following approval from the Bahamas’ supreme court docket.
It’s unclear the place many people nonetheless employed at FTX amid chapter proceedings had been working. FTX CEO John Ray mentioned in chapter court docket on Feb. 6 that the corporate not had bodily places of work and was as an alternative working within the metaverse — although this may occasionally have been referring to FTX’s headquarters fairly than native subsidiaries.
In accordance with the JPL report:
“Most workers had been not reporting to the FTX Digital workplace within the Bahamas for work. Many key workers of FTX Digital had been expatriates who had moved to the Bahamas on employment visas, and it was subsequently learnt that many had bodily left the Bahamas across the time of the appointment.”
The report adopted the FTX debtors asserting on Jan. 6 they’d reached an settlement with FTX Digital geared toward liquidating or disposing of property tied to the Bahamas’ subsidiary. The Bahamas’ supreme court docket ordered all FTX Digital digital property transferred to a pockets managed by the Securities Fee of the Bahamas on Nov. 12 — in the future after FTX filed for chapter in america.
Associated: Bahamas regulator denies asking crypto change FTX to mint new tokens
Chapter proceedings for FTX are underway within the U.S. Chapter Courtroom for the District of Delaware. The decide within the case dominated on Feb. 8 that the FTX debtors had been licensed to challenge subpoenas to sure people, together with Bankman-Fried and his quick household.
