cryptonews: FTX's new managers have received permission to subpoena financial information from former CEO Sam Bankman-Fried and several family members, as well as other former executives of the bankrupt cryptocurrency exchange.
, as well as other former executives of the bankrupt cryptocurrency exchange.
Both the FTX Group, as the collection of companies is now called, and the Committee of Unsecured Creditors complained last month that few if any core insiders have been willing to meet with the bankruptcy lawyers to turn over details of their assets and any funds that they or others may have received from the company.
These are needed immediately, the court was told, in order to "supplement the Debtors' limited and untrustworthy financial records, to locate and secure estate assets, and to position themselves to recover misappropriated and stolen assets." Shortly after taking up the post of CEO, restructuring expert John Ray III told the court "never in my career have I seen such a complete failure of corporate controls and suchAmong the wide variety of documents sought are details of the eight insiders' personal assets and any assets they ever received from the company, as well as communications about their and the firm's assets.While some insiders are cooperating, others are not even agreeing to set up meetings, FTX said.
The group to be subpoenaed includes Bankman-Fried and his mother, father and brother — all of whom were close advisors — as well as former FTX group CTO Gary Wang and Alameda Research CEO Caroline Ellison. Both have
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