The liquidators of bankrupt crypto hedge fund 3AC (Three Arrow Capital) have estimated a recovery of nearly 46% for the creditors who lost money in the company’s collapse.
In a recent report by the liquidator company Teneo, it is stated that the estimated value of 3AC’s assets currently stands at $1.16 billion as of December 18, against the expected creditors’ distribution of $2.7 billion. The figures reflect that creditors could receive 45.74% of their claims when the funds are distributed.
Teneo noted that there were a total of 154 claims against the 3AC estate, and it has settled litigation against several creditors, including Digital Currency Group (DCG), Genesis, and BlockFi. This move boosted 3AC’s asset valuation with an additional $292 million; however, it is currently subject to legal approval.
Out of the 154 claims, whose combined value is around $3.4 billion, $200 million of the claims were not admitted for recovery, and $322 million of the claims have been sorted out as rejections.
While the majority of 3AC’s assets are locked due to the vesting timeline, which amounts to nearly 82% of the total portfolio, only 6% of the assets in the portfolio are liquid and can be sold in the market instantly. The other 6.9% of assets are in equity or investments, while 4.8% are in cash.
Also Read: BVI Court Blocks $1.1 Billion Worth Assets of 3AC Founders
