A group of FTX customers aim to serve as "consulting professionals" during the sale process of four independent subsidiaries.
The Ad Hoc Committee, a group of 18 non-US bankrupt cryptocurrency exchange FTX customers, filed a limited objection to FTX’s plans to sell four independent subsidiaries.
According to the filing documents, the Ad Hoc Committee claimed that it should be included in the FTX subsidiary bidding process as "consulting professionals" representing customer interests.
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The Ad Hoc Committee does not seek to stand in the way of value-maximizing transactions that the Debtors may pursue, so long as the interests of FTX.com customers are protected.
In the filing, the Ad Hoc Committee stated that it had filed another complaint seeking the court's declaration that assets “deposited, held, received, or acquired on the FTX.com platform” belong to customers.
The group highlighted that although the complaint remains pending, publicly, FTX, the Securities and Exchange Commission and the Commodity Futures Trading Commission assured that customer assets held on FTX.com are the property of customers.
Moreover, the group of FTX customers raised concerns that “misappropriated customer funds” may have been used to purchase and manage several FTX-related companies.
In the limited objection, the Ad Hoc Committee argued that there is a “lack of information regarding the sale of the businesses” and whether the sale of these businesses would impact the “potential restart” of FTX.
A Twitter user, dubbed FTX Creditor, was surprised about the Ad Hoc Committee mentioning the “potential restart” of FTX. The Twitter user emphasized that it was the first time someone mentioned such a possibility.
On December 15th, FTX filed a motion to the United States Bankruptcy Court for the District of Delaware, asking for the court’s permission to sell FTX Japan, FTX Europe, derivatives exchange LedgerX and Embed Technologies.
