Alameda Research Sells Interest in Sequoia Capital to N Abu Dhabi SWF
• FTX Exchange, Alameda Research and former CEO Sam Bankman-Fried have been involved in bankruptcy proceedings.
• Recently, Alameda Research agreed to sell its interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund.
• The US Bankruptcy Court for the District of Delaware approved a $445 million claim by Alameda Research on Voyager Digital regarding loan repayments.
FTX Exchange & Alameda Research’s Bankruptcy Proceedings
The saga of the FTX exchange, its sister company Alameda Research, and former CEO Sam Bankman-Fried continue following the bankruptcy proceedings. There were many discoveries and rejected pleas before sales of assets by these parties occurred.
Sale Of Interest In Sequoia Capital By Alameda Research
The latest development is selling Alameda Research’s interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund. A recent court document by the US Bankruptcy Court for the District of Delaware revealed the agreement between the parties. The reasons for agreeing to this sale included speed of transaction execution and superior offer from Purchaser Al Nawwar Investments RSC which is a company under the Abu Dhabi government who already owns some shares of Sequoia. This deal is worth $45 million and might be close by end March if approved by Judge John Dorsey of Delaware bankruptcy court.
Previous Assets Sold By FTX To Recover Funds
Judge John Dorsey had previously allowed FTX to sell some of their assets owned after filing for bankruptcy which include that of LedgerX, Embed, FTX Europe, and FTX Japan. After this sale, it was reported that FTX could recover more than $5 billion in liquid crypto assets and cash.
$445 Million Claim Approved By Judge On March 8th
On March 8th, Judge John Dorsey also approved a $445 million claim by Alameda Research on Voyager Digital regarding loan repayments. This was another attempt to raise funds to pay back creditors as Binance had stopped processes to buy out the exchange earlier on November 15th 2022 according to reports from Reuters
Conclusion
Alameda Reseach’s recent agreement with Abu Dhabi government attempts to secure enough funds through asset sales so as to payback creditors as part of their ongoing bankruptcy proceedings following discovery and rejections made before now during these legal proceedings
