FTX liquidates Anthropic holdings
Citing the contents of FTX’s latest bankruptcy filing, The Block reported that bankrupt exchange FTX is once again selling its remaining shares in AI startup Anthropic (which developed the chatbot Claude).
The exchange sold the remaining 15 million shares for about $30 a share and received more than $450 million in proceeds, according to the filing. The sale was said to be at the same price as the first sale in March, which was higher than the price of the first sale in March. The investment brings FTX's realized proceeds from its initial $500 million investment in the company to approximately $1.3 billion, for total net proceeds of approximately $800 million.
Global venture capital fund G Squared was one of the lead buyers in the round, paying $135 million for about one-third of the remaining shares, or 4.5 million shares. Almost all of the remaining 20 or so buyers are venture capital funds.
Bankruptcy costs are rising
The legal and administrative costs of FTX's bankruptcy have exceeded $500 million, according to the latest bankruptcy reorganization filings. In response, FTX's creditors complained that there may be a conflict of interest between Sullivan and Cromwell, the main law firm responsible for FTX's bankruptcy and the law firm that represented FTX before it went bankrupt, an issue that has prompted the appointment of an independent examiner and class action disputes. Among them, FTX interim CEO John Ray’s hourly salary is US$1,300. At this price, John Ray has earned US$5.6 million since the beginning of the case.
This article Bankruptcy Filings: FTX Clears Out Anthropic Holding, Bankruptcy Reorganization Payout Exceeds $500M appeared first on Zombit.