Liquidate FTX assets, return ~50c/dollar, send founding team to prison for life
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Date: November 22nd, 2022 7:44 PM Author: Razzle famous landscape painting
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
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45532329)
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Date: November 22nd, 2022 8:08 PM Author: Frisky slippery university
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?
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45532445) |
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Date: November 22nd, 2022 8:31 PM Author: Razzle famous landscape painting
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.
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45532560) |
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Date: November 23rd, 2022 6:45 AM Author: Razzle famous landscape painting
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,
https://acquirersmultiple.com/2019/09/how-astute-investors-discovered-the-chinese-reverse-merger-frauds/
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45533860)
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Date: November 23rd, 2022 11:48 AM Author: Frisky slippery university
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.
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45534949) |
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Date: November 22nd, 2022 5:38 PM Author: gay plaza
lol
Bahamas will make sure all of that gets spent on local lawyers and accounants, consultants, etc.
Bahamas gotta eat too bro
(http://www.autoadmit.com/thread.php?thread_id=5240273&forum_id=2...id#45531692) |
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