The joint provisional liquidators of FTX Digital Markets — the agency’s subsidiary within the Bahamas — have launched a report on the corporate’s bodily property within the island nation.
According to an affidavit filed by a PricewaterhouseCoopers associate with the Bahamas’ supreme courtroom on Feb. 8, FTX’s joint provisional liquidators, or JPLs, stated the corporate had bought 52 properties within the Bahamas, together with models “within the title of particular person workers or kinfolk of Sam Bankman-Fried, regardless of FTX Digital offering the funding.” These properties, which included housing for FTX workers and business workplace house, have been price roughly $255 million and bought by an FTX subsidiary.
The JPLs additionally recognized “a fleet of autos” FTX’s workers had used across the island price roughly $2.4 million, $500,000 price of workplace furnishings and pc tools and 13 leased storage models whose contents nonetheless have to be assessed. The liquidators stated they might “start disposals” following approval from the Bahamas’ supreme courtroom.
It’s unclear the place many people nonetheless employed at FTX amid chapter proceedings have been working. FTX CEO John Ray stated in chapter courtroom on Feb. 6 that the corporate now not had bodily workplaces and was as a substitute working within the metaverse — although this will likely have been referring to FTX’s headquarters slightly than native subsidiaries.
Based on the JPL report:
“Most workers have been now not reporting to the FTX Digital workplace within the Bahamas for work. Many key workers of FTX Digital have been expatriates who had moved to the Bahamas on employment visas, and it was subsequently learnt that many had bodily left the Bahamas across the time of the appointment.”
The report adopted the FTX debtors saying on Jan. 6 they’d reached an settlement with FTX Digital geared toward liquidating or disposing of property tied to the Bahamas’ subsidiary. The Bahamas’ supreme courtroom ordered all FTX Digital digital property transferred to a pockets managed by the Securities Fee of the Bahamas on Nov. 12 — in the future after FTX filed for chapter in the US.
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Chapter proceedings for FTX are underway within the U.S. Chapter Court docket for the District of Delaware. The decide within the case dominated on Feb. 8 that the FTX debtors have been approved to difficulty subpoenas to sure people, together with Bankman-Fried and his rapid household.