As a seasoned analyst with over two decades of experience under my belt, I find myself intrigued by this latest development in the FTX saga. Caroline Ellison, a key figure in the Alameda Research debacle, has agreed to forfeit a significant portion of her assets as part of a settlement with FTX’s bankruptcy estate.
Caroline Ellison, ex-CEO of Alameda Research, consents to transfer the majority of her assets as part of resolving a lawsuit instigated by FTX’s bankruptcy court.
On a Monday, the news was disclosed as part of continuous attempts to recoup funds for creditors impacted by the company’s closure towards the end of 2022.
In accordance with the agreement reached, Ellison is required to transfer approximately $22.5 million from the bonus payments received in February 2022, along with the $6.3 million received in July and September 2021.
As per court records, after the settlement, Ellison is left with only some personal possessions as his remaining assets.
Moreover, Ellison consents to collaborate completely with the bankruptcy administration in all subsequent investigations. This collaboration might aid in the recovery of additional funds for the creditors.
The aim is to retrieve as much property as can be managed. On Monday, Judge John Dorsey from the U.S. Bankruptcy Court for the District of Delaware agreed to FTX’s restructuring proposal. As per the submission, approximately 94% of creditors in the “dotcom customer entitlement claims” group, which amounts to around $6.83 billion in claims, endorsed this plan.
On September 25th, Ellison was handed a two-year prison term for her part in misusing client funds. Interestingly, she has since become a crucial witness in the case against Sam Bankman-Fried, the creator of FTX, who received a sentence of 25 years in prison back in March.
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2024-10-09 20:36