- The company has requested court permission for this agreement.
- The transaction amount is $45 million
- At the same time, FTX clients filed a class-action lawsuit against Sequoia and other venture capital organizations.
Yesterday, March 8, another hearing on the bankruptcy case of the FTX Group was held. According to the case file, Alameda Research has requested court permission to sell a $45 million stake in Sequoia Capital.
Buyer speaks sovereign wealth fund Abu Dhabi (ADIA). It is the investment arm of the UAE government. Al Nawwar Investments RSC Limited was assigned the role of “laying” in the deal.
The sale could take place as early as March 31st. This is another “coin” in the “piggy bank” of the FTX Group creditor payment fund. But the agreement is still in question, since the transactions of bankrupt companies are subject to scrutiny.
Prior to this, ADIA had already invested in Sequoia Capital. It is noteworthy that the “second buyer” appears in the document. However, what kind of organization is unknown.
Recall that deceived FTX clients filed a class action lawsuit against venture capital companies, including Sequoia Capital. They accuse counterparties of creating an “illusion of reliability” of the exchange.
Moreover, Sequoia also suffered losses during the bankruptcy of FTX. The fund “apologised” to its investors for $150 million of assets that are considered hopelessly lost.
Recall that FTX confirmed the fact that the exchange “missed” $ 8.9 billion of client funds. Thus, the total debt of the organization is about $ 11 billion. And although the deal with ADIA is just a “drop in the ocean”, it gives hope that at least someone will receive compensation in this case.