CandleFocus FTX customer sues hedge fund over alleged stolen bankruptcy gains
2024-10-11
Author: Content Editor
Californian investor Nikolas Gierczyk is suing hedge fund Olympus Peak after accusing them of underpaying him for his FTX bankruptcy claim. Gierczyk alleges that Olympus Peak owes him more than the $1 million they paid for the claim, as creditors are set to receive significant gains from the bankruptcy payout plan. Olympus Peak had purchased the bankruptcy claim at a 42% discount but allegedly failed to fulfill their promise of additional recovery. The hedge fund has not responded to the allegations. Meanwhile, FTX recently had its reorganization plan approved by a Delaware bankruptcy judge, indicating that it has amassed between $14.7 billion and $16.5 billion worth of property distribution to repay creditors.
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