Three Arrows Capital's Bankruptcy: Creditors to File Claims by March 14 for Dividend Distribution
Summary:
Creditors of the bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC), have until March 14 to file their claims for a forthcoming dividend distribution. The claims must be sent to the firm Teneo, which is handling the liquidation. Teneo plans to distribute the funds around March 31, 2024, but did not disclose any specific details about the quantities or the final distribution. In 2023, Teneo estimated creditors might receive around 46% of their claims, totaling $1.16 billion in recovered assets at that time.
Bankruptcy creditors of the cryptocurrency hedge fund, Three Arrows Capital (3AC), have less than a month to file their claims to be included in the forthcoming dividend distribution. A statement from Teneo, the liquidation entity handling 3AC's assets, indicated that these claims must be sent in writing by March 14 to their British Virgin Islands address. Any creditor who has sent a claim but did not receive a confirmation or notification of claim review should get in touch with Teneo.
Claims should be sent if there has been no receipt confirmation or a review notification. These details must include clients names, addresses, specifics of their debts or claims, along with any legal representatives' contacts. The letter should be sent to the joint liquidators: Russell Crumpler and Christopher Farmer of Teneo.
Details of the interim dividends to be offered to creditors have not been disclosed by Teneo. Furthermore, they declined to provide any information about the final financial distribution. The plan is to distribute the funds around March 31, 2024, as per the official notice. More details on the quantity and timing of the distributions will be provided closer to the date.
In December 2023, Teneo indicated that creditors might receive around 46% of their claims. This would make the total recovered assets worth nearly $1.16 billion at that time. The total distribution was projected to be around $2.7 billion, less than the total $3.4 billion filed in 154 claims. A data set from Scopescan showed an Ethereum wallet tagged as 'Teneo: 3AC Liquidation' containing $887.3 million in various cryptocurrency assets.
Recently, a US judge approved a settlement resolving disputes between 3AC and crypto lender BlockFi. Three Arrows Capital filed for Chapter 15 bankruptcy on July 1, 2022, after managing over $10 billion in assets and facing a significant hit following the Terra ecosystem collapse in May that year. The founders, Kyle Davies and Su Zhu, have been evading the liquidators since then, causing a delay in the recovery proceedings.
Published At
2/23/2024 8:27:37 PM
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