A bail arrangement for FTX, which would need to close a billion-dollar hole in the company’s balance sheet, is still a goal for Bankman-Fried, according to a CNBC story. He asserted that countries “where there were segregated balances,” like the United States, have billions of dollars in customer assets and that there are billions of dollars of possible funding options out there.
Bankman-Fried no longer has access to any company systems or his business email. Despite this, he is still working to shape the direction of FTX, as evidenced by capital investors who told CNBC that the former crypto billionaire had been phoning in recent weeks to try and arrange money. Nevertheless, those investors said they couldn’t think of anyone with enough resources and a willingness to take risks to obtain such a sizable loan.
Adam Levitin, a principal at Gordian Crypto Advisors and a law professor at Georgetown University, told CNBC that Bankman-Fried may not have the ability to accomplish what he is attempting. He clarified:
“He’s no different than any third-party suitor at this point, other than the fact that he’s a majority FTX shareholder. […] He could come into Delaware with an unsolicited offer, and say I want to buy out all the creditors for a price. But that would have to be approved by the bankruptcy court — he can’t force a deal.”
Additionally, the new CEO of FTX indicated that he is amenable to a rescue; nevertheless, on Saturday, he declared that he is seeking to sell or restructure the business. He said that several of FTX’s licensed or regulated entities, both inside and outside the United States, have solvent balance sheets.