NYPost.com
FTX has a subsidiary called FTX Property Holdings, LLC which holds a $256 million portfolio of real estate in the Bahamas. John Pintarelli, a partner in Pillsbury’s Insolvency & Restructuring practice in New York, recently spoke to Business Insider about its fate.
Former FTX head Sam Bankman-Fried purchased 35 properties in the Bahamas. Those real estate holdings are a part of the bankruptcy case against the crypto exchange as creditors seek to recover billions from the business.
A question is whether the Bahamas should have jurisdiction over the liquidation of those assets. Regulators and judges in the U.S. and the Bahamas should work to secure the biggest possible payout for creditors, but that total payout could change if either wait too long to liquidate the assets.