3AC Bankruptcy: Founder Zhu Su Among Liquidation Claimants With US$5 Million Loan
Can you lend your own money to your company?
In what seems to be an unbelievable twist, Three Arrows Capital founder Zhu Su is revealed to be one of the lenders that the beleaguered company needs to settle its debts with.
Earlier this month, 3AC filed a Chapter 15 bankruptcy to shield its US assets from lawsuits. As the process moves, with court-appointed Teneo Restructuring overseeing the liquidation, a total of around US$2.8 billion in claims were identified.
It is estimated that Su himself is part of the list of creditors, claiming around US$5 million.
The company’s investment firm managing the crypto hedge fund, ThreeAC Limited, is also claiming US$25 million from the liquidation process.
Su’s loan to the firm gives a new light to the issue as the whereabouts of the founders of the crypto firm are currently unknown.
On July 13, a Manhattan court has frozen the company’s assets after the founders were reportedly uncooperative with the liquidation process.
The liquidators, the 3AC founders, and the claimants are scheduled to meet today and address the liquidation proceedings. With Su’s stake in the liquidation coming to light, it is highly anticipated that he would appear.
Information for this briefing was found via Watcher News and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.