Over a 100 Parties Willing to Buy FTX Units

Paigambar Mohan Raj
Source: Top Class Actions

According to legal documents, 117 entities are willing to purchase FTX units. LedgerX, FTX Japan and Europe, and the stock-clearing platform Embed have top priorities for sale. They contend that these assets can be quickly disposed of and are at risk of losing value.

According to Kevin Cofsky, a partner at Perella Weinberg,

“Approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the debtors [FTX] in a potential purchase of one or more of the businesses.”

Perella Weinberg is an investment bank hired by FTX Group. According to Cofsky, the exchange has so far signed 59 confidentiality agreements. With 56 expressions of interest, LedgerX—a derivatives division of the US branch and one of the few organizations in the empire to continue operating—leads the field.

The Department of Justice’s (DOJ) U.S. Trustee, who handles bankruptcy cases, objected to the sale on Saturday. The body said that the estate would need to protect user privacy. Moreover, there shouldn’t be any sale of potentially valuable assets with misconduct allegations.

Furthermore, given the charges made against these former top employees by the DOJ, along with securities and commodity authorities, FTX stated that it would not sell off any claims relating to Sam Bankman-Fried, Gary Wang, Nishad Singh, Caroline Ellison, or their families.

Additionally, the initial proposal submission date for the four organizations is scheduled to expire between January 18 and February 1. However, in a subsequent filing on Sunday, a committee on behalf of FTX’s creditors stated that while they had accepted to move through with the sale, they do not see any need to hurry.

FTX US boss to spill more beans?

As the broader FTX business is being probed for the possible misappropriation of client cash, Brett Harrison, the former boss of FTX US, has claimed he will share what he knew about the events at the cryptocurrency exchange “in time.”

The collapse of FTX was one of the highlights of 2022. However, how the trials pan out, is yet to be seen. At press time, the exchange’s native token, FTT, was trading at $0.954177, up by 4.6% in the last 24 hours.