Twitter (NYSE:TWTR) user Soldman Gachs (@DrSoldmanGachs), one of 3ACs creditors, has chronicled the first meeting of creditors for the crypto hedge fund held on July 18. Among the takeaways included Teneo remaining as liquidators, election of a creditor committee, and a breakdown of 3AC’s remaining assets.
According to Soldman Gachs, the creditors decided to keep Teneo as the liquidator. This is because Teneo had shown knowledge, experience, and commitment to secure the best outcome for all the creditors. Additionally, Teneo on Monday shared 3AC’s 1,157 page court filing document online.
Moreover, a creditor committee was elected during the meeting to secure the best interests of the creditors. The firms that encompass 80% of the claims, including Digital Currency Group, Voyager Digital, Blockchain Access UK Ltd, Matrix Port Technologies, and CoinList Lend, will be part of the committee.
Finally, a breakdown of 3ACs assets revealed bank account balances, direct crypto holdings, underlying equity projects, and NFTs. Notably, 3AC no longer owned any BTC or ETH at the time of the investigation.
Despite Teneo asking that the contents of the meeting remain confidential, Soldman Gachs decided to share details of it. The 3AC Creditor cited public interest and responsibility towards users, shareholders, lenders, etc. as a reason for sharing information on Twitter.
Teneo also addressed that there may have been some wrongdoings during the insolvency period. Interestingly, Su Zhu, the founder himself, is claiming $5m from 3AC, along with ThreeAC Limited claiming $25m, and Chen Kaili Kelly (Kyle Davies’ wife) claiming $66m.
$2.8 billion is the current valuation of the total claims made, where many are still left out from making any claims.
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Source: Cryptocurrency - investing.com
