- Court-appointed 3AC liquidators Teneo have been unable to locate Su Zhu and Kyle Davis.
- Representatives of the missing founders are refusing to accept papers on their behalf.
- Teneo is now asking a U.S judge for permission to serve the subpoenas through Twitter accounts.
- Both founders have been on the run since July.&
Teneo Restructuring is resorting to extraordinary measures in order to get Su Zhu and Kyle Davis, co-founders of the notorious Three Arrows Capital (3AC), to cooperate with the liquidation process.
Three Arrows Capital’s endless woes
Per a report& published& by Bloomberg, attorneys for Teneo have asked a U.S judge for permission to serve both the founders with subpoenas through their Twitter accounts as well as their email addresses.&
The filings made by the advisory firm indicate that attempts to serve the subpoenas through conventional methods have proven futile.
Legal representatives of Zhu and Davis have reportedly refused to accept papers on their behalf.&
As far as cooperation is concerned, the liquidators have described the information provided by the founders as “meager”. According to them, Kyle Davis is yet to provide access to crypto account credentials that are secured in a safety deposit box.&
The founders, through counsel, have maintained that the limited information provided to us to date, which amounts to an incomplete list of assets and selective disclosures regarding the means to access digital assets electronically, represents all of the documents in their possession relating to (3AC)” said Russel Crumpler, one of the liquidators.& &
Teneo is the advisory firm that was& appointed& by a court in the British Virgin Islands in July 2022, to oversee the insolvency proceedings and the liquidation of the defunct crypto hedge fund.&
The firm has since been looking into the finances of Three Arrows Capital, whose collapse triggered a chain reaction of financial woes throughout the industry, and left names like Voyager and Celsius insolvent in its wake.&
The liquidators have uncovered gross& financial misconduct, ranging from extravagant real estate purchases, massive unsecured loans, and even a $50 million yacht that was supposed to set sail the same month that Three Arrows Capital filed for bankruptcy.
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