The Liquidation Cliffhanger
It seems like the drama of FTX Digital Markets, especially in the Bahamas, gets more riveting with every report from the joint provisional liquidators (JPLs). According to a recent affidavit from a PricewaterhouseCoopers partner, FTX has quite a treasure trove of assets—52 luxury properties to be exact.
Property Party: The Real Estate Portfolio
A whopping $255 million spent on real estate, and it appears Sam Bankman-Fried’s connections turned these properties into their personal playground. Many of these fancy digs were in the names of employees or their relatives. Honestly, could they not have just bought a timeshare instead?
- Residential Units: For those living the high life as FTX employees.
- Commercial Spaces: Because you never know when you’ll need an office for your next startup!
Vehicles That Roamed
But wait, there’s more! The JPLs also discovered a fleet of vehicles used by FTX staff—valued at approximately $2.4 million. That’s right, folks, while some were fleeing the Bahamas, others had a sweet ride courtesy of a bankrupt company. Who knew bankruptcy could come with a side of auto leasing?
Office Supplies and Other Stuff
You didn’t think they’d stop at real estate and cars, did you? The liquidators also uncovered about $500,000 worth of office furniture and tech. And let’s not forget the 13 leased storage units they’re still trying to figure out—if an office chair falls in the forest and no one’s around to hear it, does it really make a sound?
The Great Escape: Employee Exodus
Amid all the financial shenanigans, it appears many FTX employees aren’t even around to see it unfold. In an ironic twist, CEO John Ray noted the company was functioning in some kind of metaverse—let’s hope they filed for virtual bankruptcy too! A notable number of workers apparently beat the proverbial rush out of town right around the time of the company’s downfall.
Legal Labyrinths and Future Moves
As FTX’s saga unfolds, the U.S. Bankruptcy Court in Delaware has got its hands full. Subpoenas are flying like confetti at a parade, targeting various individuals—yes, including the infamous Bankman-Fried himself. Meanwhile, the Bahamian courts have got their sights set on the digital assets, transferring them to a control wallet faster than you can say “chapter 11.”
