The screenshot below shows the estimated valuation of the assets:
The court filing explains:
“The Debtors’ (FTX Trading Ltd.) judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.
“It also is prudent for the Debtors to obtain authorization to conduct sales of the Trust Assets at this time in order to preserve flexibility in advance of plan confirmation and time transactions so as to minimize any potential negative effects on market prices.”
Lastly, John T. Dorsey, the US Bankruptcy Judge, approved the motion, allowing FTX to sell the Trust assets. The sale will take place through a court-approved investment advisor.
Stephen J. Kurz, the Global Head of Asset Management at Galaxy Digital, declared in support of the Motion:
“I believe that any sales of the Trust Assets will be appropriately limited by the Sale Procedures, which are designed to maximize the value of the Trust Assets.
“Accordingly, I believe that any sales or transfers of the Trust Assets in accordance with the Sale Procedures will maximize the value of the Debtors’ estates.”
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