Bahamas denies improper conduct, seeks respect for legal system

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Dur­ing the FTX hear­ing on Dec. 16, FTX liq­uida­tors request­ed for the “Bahami­an legal sys­tem to be respect­ed” in rela­tion to the ongo­ing bank­rupt­cy case in the Unit­ed States (US), while also deny­ing alle­ga­tions of any “improp­er con­duct” on the part of the Bahamas.

The FTX debtors sought to have the Cred­i­tors’ file unsealed, cit­ing “sig­nif­i­cant progress in iden­ti­fy­ing assets.” They also stat­ed that they do not object to media out­lets such as the New York Times and Bloomberg inter­ven­ing in the unseal­ing of indi­vid­ual creditors.

James Brom­ley, a Part­ner in Sul­li­van & Cromwell’s Finan­cial Restruc­tur­ing Group, shared details of a meet­ing between debtors and liq­uida­tors from the Bahamas that took place on Dec. 15. Although no con­clu­sive solu­tions were reached, Brom­ley report­ed that there was a “pro­duc­tive exchange of views” and the firm hopes to find a res­o­lu­tion pri­or to the Jan. 6 hearing.

Jason Zakia, a Part­ner at the glob­al law firm White & Case, informed the mem­bers of the hear­ing that the pro­pos­al made to the debtors address­es all the issues raised by Brom­ley ear­li­er in the week. Zakia stat­ed that the Bahamas hopes the debtors will accept it in “good faith.”

For more updates about the case, please see our lat­est post, “What to expect from FTX’s sec­ond bank­rupt­cy hear­ing today; LedgerX sale, dox­ing cred­i­tors, cus­tody of funds.”

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