In a tale as old as time, but with zeros that would make even Scrooge McDuck swoon, a US bankruptcy court has decreed that the liquidators of the once-mighty Three Arrows Capital (3AC) may now aim their quill at the collapsed crypto exchange FTX for a sum of $1.53 billion. 🎩💨
Chief Judge John Dorsey, with the wisdom of Solomon and the patience of a saint, dismissed FTX’s whining with a wave of his judicial wand, deeming their objections as little more than a tempest in a teapot. 🍵🌪️
In a March 13th decision that surely had the Delaware courtroom aflutter, Dorsey declared that 3AC’s liquidators had been the very paragons of virtue, delayed only by FTX’s reluctance to part with records that were as elusive as a leprechaun’s gold. 📜🍀
“The evidence, as clear as the nose on one’s face, suggests the delay was of the Debtors’ own making,” quipped Dorsey, with a wry smile that could only be matched by Wilde himself.
“The Liquidators, in their relentless pursuit of truth and treasure, were as diligent as one could hope to be in such a quagmire of numbers and nouns.”
3AC’s liquidators, with the initial claim as modest as a church mouse, expanded their demands to a sum that would make Croesus weep with envy, all while FTX debtors presumably fumbled with their abacuses.
They contended, with the fervor of a Shakespearian actor, that FTX had absconded with $1.53 billion worth of assets, a sum that would make even the most jaded of financiers swoon.
FTX debtors, objecting with the dramatic flair of a Dostoevsky character, claimed the original claim was as cryptic as the Voynich manuscript, and thus should be cast into the abyss of disallowed claims.
Before its spectacular demise, Three Arrows Capital was a Goliath of the crypto world, with assets that would make a sultan blush. Now, it lies in ruins, a testament to the fickle nature of fortune.
In a separate saga, 3AC’s liquidators also pursued the shattered dreams of Terraform Labs, seeking a paltry $1.3 billion in that particular bankruptcy case.
Meanwhile, FTX, in its own quest for redemption, has been suing left and right, like a dandy in a duel, hoping to reclaim its lost glory and, of course, its lost gold.
Last year, FTX sued with the precision of a fencing master, targeting SkyBridge Capital and its dashing founder, Anthony Scaramucci, among others, in a dazzling display of legal acrobatics.
And so, the stage is set for this financial drama to unfold, with more twists and turns than a Wildean plot, and perhaps just as much wit. 🎭💼
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2025-03-14 09:29