Key Points:Crypto lender BlockFi filed on Thursday a motion to dismiss Emergent Fidelity Technologies bankruptcy case. SBF holds 90% of this Antigua-based shell company.
The insolvent crypto lender claims the Emergent Fidelity lawsuit “futile.”
According to the company the action was taken “solely” in order to further the interests the Antiguan liquidators who have already received over $1.7million in fees.
BlockFi, a crypto lending company, has filed for bankruptcy. The court has asked to dismiss the bankruptcy petition of Emergent Fidelity Technos because the fight for $600 million in assets held by Sam Bankman Fried (SBF), is becoming more complicated. BlockFi believes that the bankruptcy filing was made to protect the interests of Antigua’s liquidators who have received at most $1.7 million in fees. BlockFi has also taken legal action to obtain the shares. BlockFi stated in the filing:
“Neither equity nor law require that you do a futile act. The Court is asked to “reorganize” an unorganized shell in the bankruptcy case. Emergent has no employees or income and no business. Its only assets were Robinhood Markets Inc. shares (the “Shares”) that are worth hundreds of millions of dollar.
BlockFi has filed a lawsuit in order to obtain the equities. It claims that they were used as collateral to a November 9th loan. BlockFi has filed a lawsuit to gain access to the equities. It claims that the equities were used as collateral for a November 9th loan. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: BlockFiEmergent FidelityFTXRobinhoodSam Bankman-Fried