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Liquidate FTX assets, return ~50c/dollar, send founding team to prison for life
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Date: November 22nd, 2022 4:27 PM Author: Nighttime Piazza Round Eye This is the "obviously correct" remedy. Odds it actually occurs? (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531343) |
Date: November 22nd, 2022 4:38 PM Author: slate plaza Isn't 50% a wildly optimistic recovery rate? (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531418) |
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Date: November 22nd, 2022 4:41 PM Author: Mauve fat ankles private investor Yes. It's laughable. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531440) |
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Date: November 22nd, 2022 4:48 PM Author: Nighttime Piazza Round Eye Yeah, totally laughable:
https://cryptoslate.com/messari-estimates-up-to-50-of-ftx-user-funds-recoverable/ |
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Date: November 22nd, 2022 7:44 PM Author: Mauve fat ankles private investor This scam promo for a shit tier newsletter by a retard scamster with no relevant legal or a accounting experience and who even in his short tweet thread makes several laughable assumptions is what you are relying on?
https://twitter.com/kunalgoel/status/1592545088315731970?s=19
YES IT IS FUCK ing L A U G H A B L E
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Date: November 22nd, 2022 8:08 PM Author: Nighttime Piazza Round Eye Why so flippant about this? The analysis is reasonable. What laughable assumptions are you referring to? That illiquid assets won't pay out at 100% of their book value? Okay, discount them then. That depositors won't be the most senior creditors? FTX's terms stated that depositors "own their own assets", which could mean that depositors aren't creditors but are seeking the return of their assets.
FTX bankruptcy filing says FTX has a cash balance of $1.24 billion. They have $300mm of real estate. They own fully solvent subsidiaries in various countries operating under various trade names that are operational and have selloff value. They own minority stakes in other startups that have value. There are more assets here than "tulip coins" and "goodwill".
If Alameda and FTX principals paid themselves billions over the last 1-3 years will they just be allowed to keep those assets? Won't they have to make restitution? |
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Date: November 22nd, 2022 8:12 PM Author: Mauve fat ankles private investor yfwgi (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532450) |
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Date: November 22nd, 2022 8:23 PM Author: Nighttime Piazza Round Eye You're turning into a real asshole in this thread for some reason. Are you angry and resentful towards FTX customers or something? Why don't you articulate the multiple "laughable assumptions" you mentioned? "Kunal"'s analysis didn't even include the $1.24 billion of cash, that's another 15%+ to depositors. Do you know much about crypto at all or about how FTX operated or are you just flippantly dismissive because it makes you feel smart and superior? You don't have to post in every thread, you know. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532509) |
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Date: November 22nd, 2022 8:31 PM Author: Mauve fat ankles private investor He doesn't include admin expenses like lawyer fees, which get super priority & are likely to be substantial.
He makes laughable assumptions like being able to recover most of the current value of various shitcoins, years down the line, with minimal slippage.
He apparently thinks that customers are going to be first in line.
He doesn't assess comparables or give any basis for his numbers, just pulls them from his ass ("it's 50/50 robinhood gets included" etc.)
He has no apparent expertise in valuation or knowledge of the bankruptcy process.
Etc.etc. I'm not going to sign up for this guy's dumb report just to tell you how bad it is.
I'm sorry if you lost money in this scam, but smoking copium won't help. |
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Date: March 28th, 2024 12:52 PM Author: Nighttime Piazza Round Eye Customers are absolutely front of the line and always have been. They are projected to get back much more than the dollar value of their assets at bankruptcy. SBF is going away for 25 and was not safehoused in China as you predicted. You had like reverse-copium or something, you ignored reality to try to make the situation look much worse than it was in a completely absurd way. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#47534861) |
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Date: November 23rd, 2022 6:45 AM Author: Mauve fat ankles private investor Plz respond thanks.
The guy's also wrong about consumers being top of the line. [since you bitched I found another person saying this tho it's obvious if you know secured transactions and the Butner rule]: https://www.cbsnews.com/news/ftx-bankruptcy-funds-returned-sam-bankman-fried/ >>>FTX's creditors will be first in line to receive whatever assets a bankruptcy judge deems appropriate to distribute as the company seeks to restructure as part of its Chapter 11 filing. Investors in the Bahamas-based company, which had raised some $2 billion in venture capital, will be second in line. That leaves FTX account holders who used the platform to trade bitcoin, solana and other digital currencies at the back of the queue, a bankruptcy expert told CBS MoneyWatch.
China (the CCP) uses / encourages / participates in / winks at frauds like this, with nonextradition. See https://twitter.com/matthew_pines/status/1592703088166506496
https://twitter.com/kadhim/status/1595089053254295553
https://twitter.com/txmctrades/status/1593229207081209857
(Gary Wang is an FTX and Alameda co-founder: https://news.yahoo.com/gary-wang-mysterious-co-founder-150344305.html )
We've lost billions to scamsters who do stuff like reverse mergers and the like. See generally https://en.wikipedia.org/wiki/Early_21st-century_Chinese_reverse_mergers#Fraud
Lots of cases, like Lonngtop https://www.sec.gov/news/press/2011/2011-241.htm
https://geoinvesting.com/china-stock-fraud-shocker-banks-were-complicit-in-longtop-fraud/ (noting China banks complicit, helped Longtop fake balance to dupe investors), Shengda, China Marine, etc. etc,
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Date: November 23rd, 2022 11:48 AM Author: Nighttime Piazza Round Eye Wtf is going on here? Are you okay? You seem to be having a mental breakdown. Your first link doesn't talk at all about customers being "front of the line" or otherwise, it talks about identifying and valuing FTX crypto assets.
What other creditors do you imagine FTX to have besides their customers? Are you under the impression they had a billion dollar bond offering or something? Who would FTX owe significant money to that isn't a customer? Their financing was equity financing.
If anything the creditor-debtor relationship is the other way around. FTX has a loan to SBF on their books for $1 billion and 9-figure loans to other officers. Don't you think they will try to recoup these loans? Why wouldn't they be at least partially successful? Why wouldn't 100% of SBF's personal Robin Hood shares and other visible investments be recovered?
What are you talking about with CCP links? Are you alright? We're talking about FTX assets, not individuals fleeing to HK. SBF is in the Bahamas, facing extradition to the US. The company left Hong Kong in a huff over a year ago, which indicates they didn't and don't have any particular protections there.
Let's keep it simple: FTX owes $8 billion, there are easily $2-3 billion within plain sight which is within shooting distance of 50% recovery, *without* recovering any funds from the founders and other insiders. The fact that depositors are vigorously pursuing recovery in bankruptcy court indicates they don't feel the prospects of a reasonable recovery are anywhere close to hopeless. |
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Date: November 23rd, 2022 11:57 AM Author: Mauve fat ankles private investor I think we've been around it. Best of luck getting your money back. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45534996) |
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Date: March 28th, 2024 12:15 PM Author: Nighttime Piazza Round Eye This was Adolf Anderssen blabbering completely wrongly for some reason (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#47534767) |
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Date: October 27th, 2023 10:12 PM Author: Nighttime Piazza Round Eye Claims currently trading at 53c on the dollar. FTX management has recovered around 80% of customers' money and has stated they intend to return 90% of that to customers by Q2 2024 with the remainder to come later. SBF trial going terribly for him and he faces decades in prison. Why does XO have to be wrong about everything? (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#46991972) |
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Date: November 22nd, 2022 4:42 PM Author: lime foreskin Lol, they might get 5 cents if they're lucky (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531443) |
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Date: November 22nd, 2022 4:45 PM Author: Nighttime Piazza Round Eye I get the pessimism but this seems too low. More than 5% of the owed funds are currently parked with the Bahamas government alone. They have several fully solvent subsidiaries, minority ownership stakes in a number of solvent crypto businesses, real estate, cash, crypto holdings and they may be able to claw back hundreds of millions or more from the personal wealth of insiders. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531466) |
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Date: November 22nd, 2022 7:03 PM Author: vibrant nofapping famous landscape painting Lol this is horseshit. They owe over 10b. 90% of their assets are made up horseshit like FTX-coins that only have value if FTX is operating. 5% of their assets were stolen in the mess two weeks ago. The scam investments they made were done just to keep the crypto ecosystem/bubble going. There are plenty of articles on this. The hard assets remaining are less than 1bb, probably less. And those assets will be stolen by the Bahamians eventually. Nowhere near anything reasonable like 50%. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532143) |
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Date: October 27th, 2023 10:13 PM Author: Nighttime Piazza Round Eye Claims currently trading at 53c on the dollar and management intends to return about 70c on the dollar by Q2 2024. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#46991974) |
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Date: October 27th, 2023 10:32 PM Author: Nighttime Piazza Round Eye Now who's full of horseshit? (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#46992032) |
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Date: November 22nd, 2022 5:24 PM Author: Navy address telephone (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531631) |
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Date: November 22nd, 2022 4:42 PM Author: vibrant nofapping famous landscape painting There are assets of less than 10 cents on the dollar, if that. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531446) |
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Date: November 22nd, 2022 4:49 PM Author: vermilion vivacious prole tanning salon You'll get literally 0.5c on the dollar (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531475) |
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Date: November 22nd, 2022 4:50 PM Author: Nighttime Piazza Round Eye https://cryptoslate.com/messari-estimates-up-to-50-of-ftx-user-funds-recoverable/ (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531478) |
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Date: November 22nd, 2022 5:21 PM Author: vermilion vivacious prole tanning salon Who is Cryptoslate and who is Messari
And why do you trust the same fraud peddlers to be accurate now? |
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Date: November 22nd, 2022 5:33 PM Author: Nighttime Piazza Round Eye Look man if you're ignorant just be ignorant, you don't have to weigh in on everything. Bahamas govt currently holds $477 million of FTX assets vs. $8 billion owed, that's already 10x your estimation, you didn't know that, you're uninformed etc. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531666) |
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Date: November 22nd, 2022 5:38 PM Author: Irradiated Effete Nursing Home lol
Bahamas will make sure all of that gets spent on local lawyers and accounants, consultants, etc.
Bahamas gotta eat too bro |
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Date: November 22nd, 2022 6:47 PM Author: vermilion vivacious prole tanning salon >>>Bahamas govt currently holds $477 million of FTX assets
These assets are cash and easily convertible cash equivalents, right? And not just claims on digital tulips? |
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Date: November 22nd, 2022 5:24 PM Author: Exhilarant Doctorate Puppy Lawyers gotta get a fixed $2bn fee before account holders (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531629) |
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Date: November 22nd, 2022 6:32 PM Author: motley stead boiling water Are FTX US users just as fucked as FTX international? (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45531985) |
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Date: November 22nd, 2022 6:48 PM Author: vermilion vivacious prole tanning salon Separate entity. Only the international one went bankrupt. You can trust the kike tulip fraudster for keeping things separate (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532060) |
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Date: November 22nd, 2022 6:54 PM Author: motley stead boiling water That’s what I thought but I’ve been fasting for seven days and only just now catching up on news
Thanks |
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Date: November 22nd, 2022 7:58 PM Author: slate plaza West Realm Shires Services, dba FTX.US, is one of the Chapter 11 debtors. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532386) |
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Date: November 22nd, 2022 7:59 PM Author: Navy address telephone (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532395) |
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Date: November 22nd, 2022 7:59 PM Author: vermilion vivacious prole tanning salon No man. US entities are completely separate from International ones. The dotted lines at the border ensure a financial liability firewall
Just ask our crypto expert TBF |
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Date: November 22nd, 2022 8:00 PM Author: slate plaza Ok you got me (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532399) |
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Date: November 22nd, 2022 6:48 PM Author: galvanic underhanded party of the first part double fault Impossible. You're an unsecured creditor (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532059) |
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Date: November 22nd, 2022 7:05 PM Author: brilliant old irish cottage They'll be lucky to recover 5 cents a dollar. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532165) |
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Date: November 22nd, 2022 7:06 PM Author: Razzle bonkers bawdyhouse bbw People who had money there are getting literally $0 (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532169) |
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Date: November 22nd, 2022 7:44 PM Author: elite pit (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532333) |
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Date: November 22nd, 2022 8:01 PM Author: provocative disgusting house internal respiration Madoff clients ended up getting a ridiculous amount of money back, like close to 70 cents on the dollar, which seems criminal because a lot of them should have known what was up (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532404) |
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Date: November 22nd, 2022 8:26 PM Author: vermilion vivacious prole tanning salon counterpoint: they were jews and the recovery guys went around cracking the knees of goyim for it (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532528) |
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Date: November 23rd, 2022 9:40 AM Author: lime foreskin (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45534385) |
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Date: November 22nd, 2022 8:04 PM Author: french windowlicker office Everyone will be receive 100% of the fair market value of their assets as of November 2, 2022. However, the payment will be made in dragonchain (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#45532420) |
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Date: November 3rd, 2023 11:59 AM Author: Nighttime Piazza Round Eye Took less than a year but SBF is heading to prison for decades and his parents probably are as well, and claims are going to be repaid at ~70c next year with more to come thereafter (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#47015739) |
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Date: March 28th, 2024 12:17 PM Author: Nighttime Piazza Round Eye SBF gets 25 years, and FTX claims are now trading at 98 cents on the dollar because eventual repayment is expected to be 120-140% on the dollar and possibly even higher if the CFTC turns over its claim to customers. (http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2#47534774) |