- This follows a report by Alvarez & Marsal
- There are such heavyweights as BlackRock, Ripple, Nasdaq
- One of the companies will be the trading leader
FTX consultant Alvarez & Marsal has published a list of “363 Sales Parties”. This is a list of organizations partially or fully interested in restarting FTX 2.0. They contacted the crypto exchange’s new management to request more details about the restructuring and relaunch of the platform.
The list of “363 Sales Parties” includes big names like Nasdaq, BlackRock, Ripple Labs, Galaxy Digital, Tribe Capital, Robinhood, NYDIG and OKCoin.
Note that this list does not mean firms that potentially want to invest in the new project. These are the parties interested in the auction. In Q3 or Q4 of this year FTX plans to conduct a round of asset sales and select a responsible person. In U.S. legal terminology, it is called a stalking horse bid.
Ordinarily, when a company goes through bankruptcy, it chooses a legal entity from a list of interested bidders. This is the stalking horse bid. Then this participant makes the first bid for the company’s assets. It sets the pace and minimum price for other bidders (they can’t offer a lower price).
One of these companies on the 363 Sales Parties list will be the top bidder.
Remind that FTX has already spent more than $200 million on bankruptcy. The bulk of the expenses went to law firms.