• SBF’s holding company Emergent Technologies has filed for bankruptcy in the US Bankruptcy Court for the District of Delaware.
• The company had just $20 million in cash, and owned almost 56 million shares of the retail trading app – Robinhood.
• Several parties have claimed ownership of these assets, including creditor Yonathan Ben Shimon and crypto lender BlockFi.
SBF’s Holding Company Emergent Technologies Files for Bankruptcy
SBF’s holding firm Emergent Fidelity Technologies has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to Bloomberg, the company had only $20.7 million in cash with no other assets. It was co-founded by Sam Bankman-Fried and Gary Wang, who held a 90% and 10% share respectively. A liquidator Angela Barkhouse stated that filing for bankruptcy protection is necessary as several parties are claiming ownership over the debtor’s assets in US proceedings.
Emergent Technologies Owned Almost 56 Million Robinhood Shares
Emergent Fidelity Technologies had acquired almost 56 million shares of the retail trading app – Robinhood after securing a loan from Alameda. These stocks were seized earlier this year and have been subject to claims from various parties, including FTX founder Sam Bankman-Fried, creditor Yonathan Ben Shimon, and crypto lender BlockFi associated with FTX.
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It remains to be seen how much money creditors will get from this bankruptcy case or what will happen to those disputed 56 million Robinhood shares owned by Emergent Fidelity Technologies at this point.