3AC Co-Founders Su Zhu, Kyle Davies Subpoenaed in Bankruptcy Case

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A fed­er­al bank­rupt­cy judge has approved the issuance of sub­poe­nas to the co-founders of the col­lapsed hedge fund – Three Arrows Cap­i­tal (3AC) – Su Zhu and Kyle Davies.

In a doc­u­ment pub­lished on Tues­day, Unit­ed States Bank­rupt­cy Judge Mar­tin Glenn for the South­ern Dis­trict of New York stated,

“The for­eign rep­re­sen­ta­tives and their agents are autho­rized to serve sub­poe­nas for the pro­duc­tion of doc­u­ments and tes­ti­mo­ny upon the founders, the invest­ment man­agers, and any­one else that might have infor­ma­tion about Three Arrows’ affair.”

  • With the court order, the liq­uida­tors can now request the founders to pro­duce “any record­ed infor­ma­tion, includ­ing books, doc­u­ments, records, and papers” relat­ed to the 3AC’s prop­er­ty or finan­cial affairs since the com­pa­ny was founded.
  • The sub­poe­nas will also require the company’s for­mer lead­er­ship to turn over seed phras­es and pri­vate keys with­in 14 days.
  • The doc­u­ment has also named sev­er­al relat­ed indi­vid­u­als and com­pa­nies, such as Star­ry Night Cap­i­tal, the hedge fund’s NFT divi­sion, in addi­tion to Mark Dubois, Cheuk Yao Pau, and Kel­ly Chen (Davies’ wife ) as “dis­cov­ery targets.”
  • Three Arrows filed for bank­rupt­cy in July and is in Chap­ter 15 bank­rupt­cy pro­ceed­ings with the Bank­rupt­cy Court for the South­ern Dis­trict of New York and the British Vir­gin Islands.
  • The two founders were accused of fail­ing to coop­er­ate in the process, fol­low­ing which Zhu hit back at the cred­i­tors for alleged­ly “bait­ing” their clients.
  • Late­ly, the duo has been active on social media, com­ment­ing on devel­op­ments fol­low­ing the high-pro­file col­lapse of Sam Bankman-Fried’s FTX and sis­ter trad­ing firm Alame­da Research.
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