FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy process.
notes that while SBF has publicly stated he’d like to “explain what happened” and “try to help customers,” he has “not responded to or complied” with requests. “As a result, a court-authorized subpoena is necessary,” the attorneys explained in the motion. In the latest filing, the debtors stress that dismissal of the Turkish debtors’ Chapter 11 cases “is warranted.”
Moreover, given that Turkish authorities froze the debtors’ assets, a Chapter 7 conversion “would not serve the best interests” of the debtors’ estates and creditors, the filing adds. The court document also details that the funds were seized by the Turkish government because the Turkish Financial Crimes Investigation Board was conducting an investigation into FTX’s business dealings. The lawyers conclude the bankruptcy court would not have any “legal or practical effect” in Turkey.
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