Kyle Davies, co-founder of bankrupt hedge fund Three Arrows Capital (3AC), revealed in a Twitter thread that 3AC's first meeting of creditors was held on January 11. Davies invited all creditors to join the group and announced that they would meet regularly.
According to Davies, creditors continue to express frustration with the ongoing costs and handling of assets in the bankruptcy process, suggesting that "disputes between creditors are delaying the process and the value of the estate is not being maximized."
Today we hold an ad hoc 3AC creditors' meeting. All creditors are open to join and this will be a regular meeting.
Here is an overview of the points discussed:
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โKyle Davies (@KyleLDavies) January 11, 2023
The group discussed various topics, including ways to reduce "ongoing legal costs, bring claims on a contingent basis against the Luna/FTX/Genesis consortium, and organize better ways to deal with asset sales/distributions."
This is a developing story, and more information will be added as it becomes available.
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