At the Twitter Spaces conference, Kyle Davies said it would be the first ever shadow return process. The procedure will not depend on a formal liquidation process, which is now being managed by the international consulting firm Teneo.
Davis explained that this way Three Arrows Capital could help creditors who lost their money in the fund’s 2022 bankruptcy. And only to those creditors who support the company’s new initiative, the OPNX platform for trading claims against bankrupt cryptocurrencies.
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“Everything will be separate from the liquidation.. Teneo will sell the company’s assets separately and distribute them to creditors. However, there are a number of lenders who want to support our endeavor at OPNX and will do so in the future. If there are those who don’t want to deal with us, they can stay out of it,” Davis said.
When asked by users if Davis was trying to get people to buy securities, he said no. Davis explained that there is no tradable token here – it’s about the potential future revenues of the site. When the TAC co-founder was asked how he could work on the new venture while his bankrupt hedge fund was still in liquidation, Davis said creditors would get “only benefits” from the new company.
“We believe that if we’re trying to find a way to get money back to creditors, it will improve karma, whatever you want to call it,” Davis replied.
The OPNX launch was announced in February. However, many members of the crypto community have criticized OPNX founders Su Zhu and Kyle Davis for inventing a new venture to evade their responsibilities in the wake of the TAC collapse. In May, Dubai authorities said that the OPNX platform is operating illegally in the UAE.<br