Emergent Fidelity Technologies, a firm co-founded by FTX founder Sam Bankman-Fried and former executive Gary Wang has recently made headlines with its filing for Chapter 11 bankruptcy protection. This move has sparked questions about the future of the company and its valuable assets, particularly its 56 million shares of Robinhood Markets (HOOD) stock.
With a current value of over $600 million, these Robinhood shares have quickly become a highly sought-after asset for various companies, including creditors of FTX. The shares have also been pledged as collateral to bankrupt crypto lender BlockFi, which placed its own claim on them last year.
Despite Bankman-Fried’s argument that he should retain control of the shares, federal officials moved to seize them in January. This has sparked a heated debate over who should have control over these valuable assets.
Bankman-Fried is the owner of 90% of Emergent Fidelity, while Wang holds the remaining 10%. However, with the bankruptcy filing, it is unclear what the future holds for the company and its assets.
The exact details of Emergent Fidelity’s bankruptcy filing could not be immediately obtained. It remains uncertain what debts the company is claiming at this time. The bank proceedings will start in the coming weeks and everyone is waiting to find out what the future holds for the creditors
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