Post by
bligicka on Jul 01, 2022 9:30pm
3AC has filed for Chapter 15 bankruptcy in New York, a move
3AC has filed for Chapter 15 bankruptcy in New York, a move to protect its US assets. - Bloomberg
Comment by
bligicka on Jul 01, 2022 9:33pm
Not good for Voyager......filing for bankruptcy stops them from paying their bills
Comment by
bligicka on Jul 01, 2022 9:39pm
Representatives for Three Arrows filed the bankruptcy petition in New York on Friday, court papers show. Chapter 15 bankruptcy filings stop creditors from seizing a companys assets in the US.
Comment by
bigkagan on Jul 01, 2022 11:53pm
It's just a temporary and it's called "automatic stay" An automatic stay provides a temporary pause on all the debt collection activities of the creditors. This is an invaluable benefit that can protect the foreign debtor’s assets. If the filer gets recognized as a foreign main proceeding, it’s much easier for them to get the automatic stay.
Comment by
bigkagan on Jul 02, 2022 10:03pm
It looks like 3AC didn't go broke, but merely hid its money behind some other company in some sort of tricky arrangement. We'll need some good forensic accounting work to find this money https://finance.yahoo.com/news/three-arrows-paper-trail-leads-184327428.html