The decide overseeing BlockFi’s ongoing chapter case agreed immediately to assessment a request that might see 56 million Robinhood shares moved to a impartial location, based on a report from the Wall Avenue Journal on Dec. 28.
The decide has not but agreed to maneuver the property to a impartial account. The matter will probably be determined at an upcoming courtroom listening to subsequent month.
If BlockFi’s request succeeds, the shares could be held in a dealer or escrow account till courtroom proceedings decide who truly owns the disputed shares.
BlockFi believes that it ought to personal the Robinhood shares due to its prior dealings with FTX and Alameda Analysis. Simply previous to FTX’s collapse in November, Alameda pledged the shares to BlockFi as mortgage collateral. BlockFi has been making an attempt to acquire and promote the shares since its personal chapter proceedings started on Nov. 28.
Nonetheless, BlockFi is only one entity contending for possession of the Robinhood shares, and proceedings are going down throughout a number of jurisdictions. Which means the dispute will not be settled in a simple method.
Final week, FTX and Alameda Analysis took steps to safe possession of the shares. Moreover, FTX CEO Sam Bankman-Fried and investor Yonathan Ben Shimon are every trying to achieve management of the shares at a private degree.
The disputed shares are at present held by Emergent Constancy Applied sciences, a holdings firm 90% owned by Bankman-Fried. The agency initially bought the shares in Could on behalf of Bankman-Fried. At the moment, the shares have been price $482 million.
