Emergent Fidelity Technologies, the Sam Bankman-Fried holding company, has declared bankruptcy.Emergent Fidelity Technologies, the Sam Bankman-Fried holding company, has declared bankruptcy,The Antigua and Barbuda-based company filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.a lawsuit against the company over the status of approximately 55 million shares of Robinhood.
The said shares, valued at over $590 million, have been contended over by a number of parties, including BlockFi, FTX creditor Yonathan Ben Shimon, and Bankman-Fried himself.last month that Robinhood shares worth $55 million, as well as approximately $20 million in USD, had been seized as part of the case against FTX and its executives.
According to Angela Barkhouse, one of the joint provisional liquidators in the case, Emergent Fidelity Technologies, filed for Chapter 11 in the same court as FTX in order to pursue a type of joint administration between the two bankruptcies. The duties of the joint provisional liquidators are to the Debtor’s creditors, whoever these creditors may be. As there are several parties claiming to be creditors or outright owners of the Robinhood shares in proceedings in the United States, the liquidators believe that chapter 11 protection is the only practical way for the Debtor to defend itself, the assets, and the interests of its creditors in the country.
Barkhouse mentions that Bankman-Fried owns 90% of the company, with the remaining 10% owned by FTX co-founder Gary Wang. The criminal trial for Bankman-Fried is set to begin in October, while Wang has already