FTX Dockets

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Jul 23, 2024

21037

FTX files June 2024 monthly operating reports

#FTX The estate continued to aggressively convert assets to cash during the month of June. The cash pile now exceeds $11B and liquid assets likely around $14B. FTX liquidated approximately $910M of cryo through its liquidation program with Galaxy and collected over $452M for the sale of the remaining Anthropic shares.

Jul 12, 2024

20344

FTX files notice of compromise with CFTC

On July 12, 2024 at docket #20344 the FTX Debtors filed a proposed stipulation with the Commodity Futures Trading Commission, which has filed a claim of approximately $52.2b in the case. Highlights include: (1) Effective at plan confirmation, (2) Allowed disgorgement claim of $4B, (3) Claim shall be subordinated to payment of all creditors and payment of interest at the Consensus Rate, (4) Recoveries on the claim shall be applied only to make supplemental payments to certain creditors under the Supplemental Remission Fund under the plan, (5) The CFTC shall have no other claim in the case, (6) Resolves the ongoing litigation in the District Court, (7) CFTC will not seek a civil monetary penalty.

Jun 23, 2024

18537

FTX files revised restructuring plan and disclosure statement

FTX filed a revised restructuring plan, disclosure statement, and notice of blackline changes at docket numbers 18537 - 18539.

Jun 21, 2024

18390

FTX files May 2024 monthly operating reports

FTX filed monthly operating reports for the debtors on docket entries #18390 - 18481. Across all debtors the estimated liquid estate assets increased about 5% to $13.7B. Collectively the debtors have over $10.3B in cash. During May the estate liquidated about $564M in crypto for cash under their standing order to sell cryptoassets, increasing the debtor's cash position to over $10B. Not mentioned in the report is the proposed sale of the reamining Anthropic shares for $452.2M. Xclaim now estimates the debtors overall assets at about $16.9B.

Jun 3, 2024

16558

Motion to authorize settlement with the IRS

FTX filed a motion to authorize a settlement with the IRS reducing $24b in claims to (1) a $200m priority tax claim payable within 60 days of confirmation and (2) $685m junior subordinated claim. The junior subordinated claim is subordinated to customer claims and their consensus interest. This settlement adds significant value to creditors by reducing a very large priority claim, reducing litigation time and expense, and resolving complex disputes. The IRS has asserted significant tax liabilities for "misappropriation income" which, absent a settlement, the IRS indicated it would pursue. Without a settlement the debtor faces significant cost and time in both estimating and litigating the claim. Currently there are 47 tax claims pending against 31 debtors.

May 31, 2024

16380

FTX sells additional Anthropic shares

FTX filed a notice of proposed sale of the remaining estate Athropic shares to a consortium of purchasers. The notice proposes selling 15,073,349 of shares for an aggregate purchase price of approximately $452.2m. The deadline to object to the sale is June 7, 2024.

May 8, 2024

14301

Revised plan and dislcosure statement filed

FTX filed a revised chapter 11 plan and disclosure statement proposing to pay customer claims 127%-142%. The plan is supported by the Debtor's board of directors, Bahamas joint liquidators, Ad Hoc Committee and the Class Action Claimants. In addition to discussing creditor treatment, it provides information on the Bahamas Opt-In Election and the convenience class election. FTX has scheduled a Disclosure Statement Hearing for June 25, 2024.