Join chapter in FTX smoothly

Aug 6th, 2022
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How to Join chapter in FTX

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BOUGHT BY SBF -- BY THE WAY, GUYS. I WAS GETTING 8.5%. IT DID APPEAR THEY ARE FILING CHAPTER 11 AT FTX. THATS TO PROTECT -- APROPOS OF OUR CONVERSATION RIGHT NOW. IM LOOKING AT A PRESS RELEASE ANNOUNCED -- SORRY, SERVICES, ALAMEDA RESEARCH, 130 ADDITIONAL AFFILIATED COMPANIES, THE FTX GROUP HAVE COMMENCED VOLUNTARY PROCEEDINGS UNDER CHAPTER 11 OF THE U.S. BANKRUPTCY CODE WIPED OUT TOTAL WIPEOUT. IN DELAWARE, WHAT THEYRE CALLING AN ORDERLY PROCESS TO REVIEW AND MONETIZE ASSETS SO -- AND BANKMAN-FRIED HAS RESIGNED HIS ROLE AND WILL REMAIN TO ASSIST IN AN ORDERLY TRANSITION UNBELIEVABLE. SO, THERE IT IS UNBELIEVABLE. AT THIS MOMENT. YOU KNOW, IT IS INTERESTING. ANY NUMBER OF PEOPLE IVE SPOKEN TO WHO DEALT WITH BANKMAN-FRIED ALL DESCRIBE HIM IN VERY NICE WAYS THEY SAY, IT WAS ACCIDENTAL. HE WAS ON MY SHOW A LOT THIS COMPANY DID NOT HAVE A BOARD OF DIRECTORS ITS UNCLEAR HOW THIS -- THERES SO MUCH WE DONT KNOW. THERES SO MUCH WE DON

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Essentially, what happens in that chapter 11 process is that creditors are given particular rank, and they, of course, have the first bite of whatever assets are left over.
FTX founder Sam Bankman-Fried on Thursday said the millions of customers who lost money from the collapse of his cryptocurrency exchange could get their money back.
The Process for Chapter 11 Bankruptcy The petition may be voluntary or involuntary. A voluntary petition is submitted by the debtor, on the condition that no prior bankruptcy petition was dismissed due to the debtors intentional failure to appear in court or comply with court orders.
FTX is a now-defunct cryptocurrency exchange founded by Sam Bankman-Fried in 2019, who served as CEO until Nov. 11. The exchange issued its own , FTT, and was the fourth-largest crypto exchange by volume as of Nov. 9.
While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take decades. The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11.
On November 14, 2022, FTX, the third largest crypto exchange in the world, filed for bankruptcy.
The FTX units in chapter 11 are being run by a new CEO, selected before bankruptcy by Mr. Bankman-Fried; the Bahamas subsidiary isnt in chapter 11 and is being overseen by court-appointed liquidators.
The FTX Chapter 11 cases were filed in the District of Delaware, where the US entities of FTX are incorporated. Most of FTXs assets and creditors are outside of the United States, but as explained below, the US courts have extremely minimal jurisdictional requirements.

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