Three Arrows Capital to Sell NFTs in Liquidation Process
The liquidation process for Three Arrows Capital, a hedge fund that declared bankruptcy in 2022, is still ongoing. This time, liquidator Teneo has announced the sale of some NFTs owned by 3AC.
A document has been posted on the liquidation website 3acliquidation.com, indicating that the Senior Managing Director at Teneo in the British Virgin Islands, Christopher Farmer, has announced the planned sale of certain non-fungible tokens (NFTs) controlled by Teneo and owned by Three Arrows Capital.
The sale process is set to begin within 28 days of the notification being published and, in any event, after March 23, 2023. The purpose of selling NFTs from the Three Arrows Capital collection is to raise as many funds as possible for the liquidators to pay off creditors. According to written testimony included in the bankruptcy and liquidation court documents of the hedge fund, 3AC owes $3.5 billion to 27 firms, including Genesis Global Trading.
It's important to mention that the NFT sale won't involve those from the Starry Night Capital portfolio, which was created with direct involvement from Vincent Van Daf. 3AC launched this project in 2021 with the ambitious aim of building the world's best collection of unique NFTs.
For the avoidance of doubt, the Sale does not relate to the list of NFTs informally referred to as the 'Starry Night Portfolio' which is presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands (the "Starry Night Application"),the liquidators stated in their announcement.
Experts estimate that the current minimum value of Starry Night Capital's NFTs is $6.4 million. The collection comprises 300 NFTs of varying degrees of rarity, including The Golden Goose by Dmitri Cherniak, NFTs from the Ringer, Fidenza, and Subscape collections by Art Blocks, as well as CryptoPunks, Autoglyphs, Chromie Squiggles, and Bored Ape Kennel Club.
