Three Arrows Capital Liquidation Advisor: Expected Asset Recovery for Creditors Around 45.74%

Three Arrows Capital (3AC) liquidators at Teneo estimate that creditors can recover about 45.74% of the assets from the bankruptcy estate.

In a report submitted to creditors in December, Russell Crumpler and Christopher Farmer, liquidation co-leaders at Teneo, noted that as of December 18, the company's assets were valued at $1.16 billion, while the recognized value for distribution to creditors was estimated at $2.7 billion.

The report indicates that Teneo has resolved litigation involving various parties, including DCG, Genesis, and BlockFi, increasing the reported company assets by around $292 million. BlockFi's settlement is still pending approval. The report also states that 154 claims for 3AC assets have been filed, totaling $3.4 billion. Of these, $2 million in claims were unrecognized for distribution, while claims worth $32.2 million have been rejected or are expected to be rejected, and disputed claims worth $76 million exist.

Furthermore, the report mentions that Zhu Su, co-founder of 3AC, completed his house arrest on December 20 following his arrest in Singapore. Meanwhile, the liquidators continue to investigate the relationship between 3AC and Tai Ping Shan, a company closely associated with it. Legal expenses in the bankruptcy proceedings have accumulated to $49.7 million.