3AC Liquidators Seek Summons Amid Alleged Regulatory Scrutiny
Table of contents
3AC To Be Liquidated
The advising company Teneo said in a court document submitted to the United States Bankruptcy Court Southern District of New York on October 14 that attempts to reach the pair via conventional methods had been unsuccessful because the Founders' locations remain unknown.
Su Zhu, Kyle Davies, and fictional investor VincentVanDough (VVD), co-founders of 3AC, formed a fund called Starry Night Capital.
According to a statement from the company, VVD worked with the Joint Liquidators to maintain asset value in the best interests of all parties involved. Furthermore, VVD ensured that no asset from the Starry Night Portfolio was sold illegally or without the BVI Court's consent.
Singapore Attorneys to Represent Founders
The request also said that Advocatus Law LLP, the Singapore counsel professing to represent the Founders, had rejected to receive the summons on their behalf. It continued by stating that the founders had yet to provide honest cooperation and had only made themselves directly accessible for two brief talks since the case started. Because of this, the liquidators urged the court to employ "other ways" to deliver summons, which is said to involve contacting the pair via their email and Twitter accounts.
Liquidators File Fresh Petition
Liquidators have filed a fresh petition claiming that they are requesting the power to issue a summons for the production of evidence and testimony on the Founders, the Investment Managers, and other parties. Meanwhile, according to a news article dated October 18, American officials are allegedly looking into potential legal breaches by the Singapore-based hedge fund.