It’s often a borrower not bailing out their lender, especially when it’s to the tune of hundreds of millions of dollars.
Alameda Research, the firm founded by crypto billionaire Sam Bankman-Fried, last month extended a $500 million line of credit to crypto broker Voyager Digital, owing the company $377 million, according to Voyager’s Chapter 11 bankruptcy filing.
It’s an unexpected revelation that came to light through a bankruptcy that seemed like a foregone conclusion as Voyager revealed that hedge fund Three Arrows Capital he owes more than $600 million,
A table on page 13 of bankruptcy filing, which was presented in New York District Court today, shows that Alameda Research owed Voyager $377 million at an interest rate of 1% to 5%. According to a list of Voyager’s largest unsecured claims on page 119 of the filing, the outstanding amount includes $75 million of unsecured debt.
Alameda Research did not immediately respond to a request for comment. decrypt,
Alameda’s debt makes Voyager the second largest borrower after bankrupt Three Arrows Capital, which also goes through 3AC.
When the limits of 3AC’s trouble became apparent, the main reason $200 million got lost in it Terra Fall In May, its lenders began to realize that huge 3AC loans on their books were about to go into default.
Once 3AC was not able to pay, Voyager default notice issued last Monday. Then, on Wednesday last week, a British Virgin Islands Court ordered 3AC for Liquidation, That means 3AC must cease all operations and allow the court to oversee the sale of its assets, which it owes creditors, including Voyager Digital.
It is worth pointing out that Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, has a vested interest in making Voyager a whole. At one point, Alameda and its venture arm, Alameda Ventures, were the largest Voyager shareholders with 11.6% of all outstanding shares, according to a June 17 press release.
At the time, Voyager stock (VYGVF) was trading at just over $1.
A week later, on June 23, Alameda announced in a press release that he had surrendered, or had returned his 4.5 million shares in exchange for no money. Those shares were worth $2.6 million at the time, and VYGVF was trading at $0.56 per share.
Almeida’s share surrender brought its stake in the company to 9.49% – which is just below 10% threshold Which would have made it an “insider” in the eyes of the US Securities and Exchange Commission. This is the same SEC rule that requires Tesla CEO Elon Musk will reveal his stake in Twitter In April, before the takeover offer was made.
After the Toronto Stock Exchange on Wednesday afternoon Voyager Digital’s stock trading suspendedIt ended the day trading at $0.27.
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