The lawyers of disgraced FTX co-founder Sam Bankman-Fried have filed an objection to protect their client’s Robinhood shares from FTX bankruptcy estate.
Sam Bankman-Fried’s lawyers argued his Robinhood shares are controlled by Emergent Fidelity Technologies, which is not part of the estate.
Objection Can Only Be Overturned by Proving Fraud, Lawyers Argue
According to Fortune, U.S. prosecutors and bankrupt lender BlockFi have tried to lay claim to the stock, worth roughly $450 million. Bankman-Fried allegedly put up the shares as collateral for a BlockFi loan to FTX affiliate Alameda before Alameda declared bankruptcy.
Bankman-Fried, aka SBF, owns the Robinhood shares through his 90% stake in Emergent, which disclosed the equity acquisition in a distinct filing with the U.S. Securities and Exchange Commission (SEC). Bankman-Fried reportedly borrowed money from Alameda to fund the stock acquisition.
According to FTX lawyers, FTX…
