There are two mechanisms likely at play here—fraudulent conveyance under 11 USC 548 and applicable non-bankruptcy law doesn’t have a 90 day limit.
I don’t see how F/P provided new value to the insolvent FTX parties, or any value at all, in exchange for the transfers. The theory behind new value is that the other creditors are just as well off as they were before and so there has been no preference.
It doesn’t seem to me the payments were made to hinder / defraud (I guess that’s a stage-of-mind point I don’t have information on) ; the payments weren’t undervalued ; FTX was solvent when (at least some of) the payments were made.
There are two mechanisms likely at play here—fraudulent conveyance under 11 USC 548 and applicable non-bankruptcy law doesn’t have a 90 day limit.
I don’t see how F/P provided new value to the insolvent FTX parties, or any value at all, in exchange for the transfers. The theory behind new value is that the other creditors are just as well off as they were before and so there has been no preference.
Which part of 11 USC 548 do you think applies?
It doesn’t seem to me the payments were made to hinder / defraud (I guess that’s a stage-of-mind point I don’t have information on) ; the payments weren’t undervalued ; FTX was solvent when (at least some of) the payments were made.