Lawyers in the Bahamas say FTX execs Sam Bankman-Fried and Ryan Salame spent $256.3 million spent to buy and maintain 35 different properties Now, Bahamas regulators are trying to claw back the property from FTX's U.S. bankruptcy protection proceedings
Bahamas regulators appeal to bankruptcy judge to try to claim ownership over FTX-owned properties in New Providence, Bahamas.Bahamian regulators tell a Delaware federal bankruptcy judge that allowing the properties to be administered in U.S. courts would be both administratively ineffective and illegal under Bahamas law.
Bahhamian lawyers say FTX executives Sam Bankman-Fried and Ryan Salame spent $256.3 million spent to buy and maintain 35 different properties across New Providence, Bahamas. Now, Bahamas regulators are trying to claw back the property from FTX's U.S. bankruptcy protection proceedings, telling a Delaware federal bankruptcy judge that allowing the properties to be administered in U.S. courts would be both administratively ineffective and illegal under Bahamas law.
It is the first true look behind the curtain at FTX's mammoth real estate spending. Tens of millions were spent just at the small island development that Bankman-Fried called home, with FTX's holding company buying at least 15 properties and one vacant lot for a combined total of over $143 million.Two of the largest apartments at that private Albany development came in at an eye-watering $30 million, while another cost $21.3 million.
Bankman-Fried and Salame, the former co-CEOs of the bankrupt crypto exchange, also invested tens of millions into their current headquarters building, sinking over $25 million into the Veridian Corporate Center. FTX broke ground on a new headquartersNow, Bahamian regulators are fighting to get those assets back. In a Monday night filing, the Bahamian lawyers asked a U.S. judge to dismiss the chapter 11 proceedings for FTX's property subsidiary.
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