FTX seeks sale of Grayscale and Bitwise trust assets worth $744 million
Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware to allow it to sell certain key trust funds, including assets from crypto asset manager Grayscale and custody service provider Bitwise valued at around $744 million.
In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell Trust assets as it will make way for the firm to prepare for “forthcoming dollarized distributions to creditors.”
These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued at $691 million. These crypto trusts act as an onboarding tool for many and allow investors to gain crypto exposure without owning one.
The court filing read:
“The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.”
The FTX debtors requested that the sale of trust assets and sale procedures should be approved by an investment adviser. Also, they proposed a pricing committee represented by the stakeholders to be part of the sale procedure.
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The latest request by FTX debaters for the sale of trust assets comes after the court had earlier approved the liquidation of nearly $3.4 billion in crypto assets. The court ordered the sale of these assets in batches of $50 million and $100 million to avoid any market dump.
The FTX bankruptcy proceedings are moving along as the former FTX CEO Sam Bankman-Fried was found guilty by a jury on all seven counts during his criminal trial in New York. The former CEO was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. The judge is set to order sentencing in the case on March 28, 2024.
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Daren Li is looking at a maximum of 20 years in prison after pleading guilty to his role in laundering crypto in a $73 million scam.
NHS league tables revealing failing NHS trusts and cancelled pay rises or dismissal for managers who don’t turn things around are to form part of the government’s plans to improve the health service.
Health Secretary Wes Streeting is confirming new measures he hopes will boost failing hospital trusts and encourage successful ones.
The changes form part of the Labour government’s strategy to reduce waiting lists “from 18 months to 18 weeks”.
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Health and the state of the NHS were consistently among the most important issues for voters at this year’s general election – with Labour blaming the Conservatives for “breaking” it.
As health is a devolved area, any reforms proposed in Westminster would only apply to England.
Chief among Mr Streeting’s proposals is a “league table” for NHS trusts.
An announcement from the Department for Health and Social Care said: “NHS England will carry out a no-holds-barred sweeping review of NHS performance across the entire country, with providers to be placed into a league table.
“This will be made public and regularly updated to ensure leaders, policy-makers and patients know which improvements need to be prioritised.”
It also promises to replace “persistently failing managers” – with “turn around teams” being sent in to improve trusts running sizeable deficits or offering poor service to patients.
The government says “senior managers” who fail to make progress will not be eligible for pay rises.
There will be “financial implications” for more senior figures such as chief executives if their trust does not improve.
On the flip-side, those trusts that are deemed to be “high-performing” will get “greater freedom over funding and flexibility”.
Senior leaders at these trusts will also be “rewarded”.
The government says the current system is not incentivising trusts to run a budget surplus, as they cannot benefit from it.
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NHS reform: ‘Be careful what you wish for’
Read more on the NHS:
Reform will not begin right away – Streeting
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NHS must ‘reform or die’, warns PM
Mr Streeting said: “The budget showed this government prioritises the NHS, providing the investment needed to rebuild the health service.
“Today we are announcing the reforms to make sure every penny of extra investment is well spent and cuts waiting times for patients.
“There’ll be no more turning a blind eye to failure. We will drive the health service to improve, so patients get more out of it for what taxpayers put in.
“Our health service must attract top talent, be far more transparent to the public who pay for it, and run as efficiently as global businesses.
“With the combination of investment and reform, we will turn the NHS around and cut waiting times from 18 months to 18 weeks.”
Keep up with all the latest news from the UK and around the world by following Sky News
Concerns from health representatives
Amanda Pritchard, the chief executive of NHS England, said: “While NHS leaders welcome accountability, it is critical that responsibility comes with the necessary support and development.
“The extensive package of reforms, developed together with government, will empower all leaders working in the NHS and it will give them the tools they need to provide the best possible services for our patients.”
Further plans on how monitoring will be published by the start of the next financial year in April 2025, the government said.
Matthew Taylor, the chief executive of the NHS Confederation – a body that represents all NHS trusts – said healthcare leaders welcome the “government’s ambition”.
However, he said he was concerned league tables and reducing pay may “strip out” the nuance of what’s going on.
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Mr Taylor said: “NHS staff are doing their very best for patients under very challenging circumstances and we do not want them feeling like they are being named and shamed.
“League tables in themselves do not lead to improvement, trusts struggling with consistent performance issues – some of which reflect contextual issues such as underlying population heath and staff shortages – need to be identified and supported in order to recover.”
A Bloomberg report suggested Italian Prime Minister Giorgia Meloni could accept a proposal for a 28% tax hike on crypto rather than a 42% one.
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