3AC Bankruptcy: Founder Zhu Su Among Liquidation Plaintiffs With $5 Million Loan


Can you lend your own money to your business?

In what seems like an incredible twist, Capital of the Three Arrows Founder Zhu Su is revealed to be one of the lenders with whom the beleaguered company must settle its debts.

Earlier this month, 3AC filed for Chapter 15 bankruptcy to protect its US assets from lawsuits. As the process progresses, with court-mandated Teneo Restructuring overseeing the liquidation, a total of approximately $2.8 billion in claims have been identified.

Su himself is believed to be on the list of creditors, claiming around $5 million.

The company’s investment firm that manages the crypto hedge fund, ThreeAC Limited, is also claiming $25 million from the liquidation process.

Su’s loan to the company sheds new light on the matter as the fate of the crypto firm’s founders is currently unknown.

On July 13, a Manhattan court froze the company’s assets after the founders were reportedly uncooperative with the liquidation process.

The Liquidators, 3AC Founders and Plaintiffs are to meet today and address the liquidation process. With the revelation of Su’s participation in the liquidation, it is highly anticipated that he will appear.

Information for this briefing was found via Watcher News and Twitter. The author has no security or affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author holds no license.


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