3AC creditors have until March to submit a profit request, says Teneo
Bankrupt crypto hedge fund Three Arrows Capital (3AC) has less than a month to submit claims to be considered for its upcoming dividend.
Creditors who have not submitted their claims must do so by March 14 at an address in the British Virgin Islands, according to Teneo's notice, which is tasked with liquidating 3AC's assets.
Additionally, creditors who have submitted a claim but have not received a confirmation letter or receipt should contact Teneo:
“Any creditor of the aforesaid organization who has not served notice of their claim or has not received a letter confirming the acceptance of their claim or a similar judgment, on or before March 14, 2024, to send in writing their names and addresses and a detailed description of their debts or claim(s) and the names and addresses of their attorneys ( if any) to the Company's joint liquidators (‘Liquidators'), Russell Crumpler and Christopher Farmer Teneo (BVI) Limited, PO Box 2438, 3rd Floor Banco Popular Building, Street City, Tortola, VG1110, British Virgin Islands.
Teneo did not disclose the exact amount to be distributed to creditors as an interim dividend and declined to provide further details on the final distribution. According to the announcement, the liquidators intend to pay the amount around March 31, 2024.
“Unfortunately, we cannot provide more clarity on the amount and timing of additional distributions at this time – we will update lenders on the distribution date and then have information,” a Tenne spokesperson told Cointelegraph.
By December 2023, the firm estimates that creditors will receive nearly 46% of their claims, bringing the total amount of assets recovered at that time to $1.16 billion. Teneo predicts it will need to distribute a total of $2.7 billion of the $3.4 billion filed in 154 claims.
Data from analytics platform ScopeScan on February 23 shows the Ethereum wallet address “Teneo: 3AC Liquidation” with $887.3 million worth of crypto assets, including WorldCoin (WLD), Starknet (STRK), dYdX (DYDX), USD Coin (USDC). ), SuperRare (RARE), WOO and Tokenize Xchange (TKX).
Recently, an agreement between 3AC and crypto lender BlockFi to resolve claims and disputes was approved by a United States judge.
Three Arrows Capital filed for Chapter 15 bankruptcy on July 1, 2022. The hedge fund manages more than $10 billion in assets, but was hit hard by the collapse of Terra Ecosystem in May of that year. Its co-founders Kyle Davis and Su Zhou have since been running out of liquidation, delaying recovery efforts in the case.
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