Three Arrows Capital liquidators seek subpoenas for company founders
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Answer Three Arrows Capital liquidators seek subpoenas for company founders
The company overseeing the liquidation of collapsed hedge fund Three Arrows Capital wants a US court to issue a subpoena for the company’s missing founders as they appear unresponsive through their Twitter and email accounts.
The pursuit of subpoenas came about because the founders failed to cooperate with requests for information from them.
US bankruptcy proceedings in parallel with bankruptcy proceedings in Singapore and the British Virgin Islands led to the liquidation of Three Arrows Capital operated by financial advisory firm Teneo.
Currently, the location of the company’s founders, “Su Zhu” and “Kyle Davies”, is unknown, and there is a reluctance to provide information on their part, the company supervising the bankruptcy of Three Arrows Capital was told.Read:Report: Binance controls 30% of cryptocurrency trading volume…Details here
New court documents filed Friday in the Southern District of New York show that Teneo representatives want to compel the founders and other 3AC participants to produce records and testify in order to get a fuller picture of the fund’s assets.
So far, Teneo representatives maintain that Zhu, Davies and other investment managers have only made selective, piecemeal disclosures through their attorneys.
Subpoenas will require 3AC to provide documents to determine the existence, location, and method of accessing and controlling the Fund’s assets, including account information, seed statements and keys, among other information.
The lawsuit filed Friday said that the founders’ recent use of their Twitter accounts and the founders’ use of those accounts for company-related purposes makes Twitter accounts a reasonable way to provide the founders with notice of discovery in that action.
Teneo’s representatives also say in the filing that they plan to obtain an order in the BVI towards both Zhu and Davies and ask them to attend.
According to a new report from Bloomberg, the CFTC and the Securities and Exchange Commission (SEC) are investigating whether 3AC misled investors about the financial health of its balance sheet and failed to register with the appropriate authorities.Read:A bank that provides crypto services succeeds in raising $500 million investments!
The scrutiny comes amid a high-profile liquidation of the hedge fund, which previously boasted billions under its management before incurring heavy losses due to its heavy positions in the algorithmic stablecoin TerraUSD, which collapsed earlier this year.
Since then, the company has entered into Chapter 15 bankruptcy proceedings in the Southern District of New York, a state that has been able to protect its US-based assets while foreign bankruptcy proceedings are in progress in the British Virgin Islands.
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