If the market value of that stake is less than FTX paid, the debtor-in-possession’s first thought is going to be whether this is potentially avoidable as a fraudulent conveyance. I don’t have the desire to explore that possibility, but the sum is large enough that the DIP could be interested in an argument that FTX overpaid while insolvent and was motivated by ideological reasons rather than business judgment. Otherwise, the equity stake will presumably be sold.
If the market value of that stake is less than FTX paid, the debtor-in-possession’s first thought is going to be whether this is potentially avoidable as a fraudulent conveyance. I don’t have the desire to explore that possibility, but the sum is large enough that the DIP could be interested in an argument that FTX overpaid while insolvent and was motivated by ideological reasons rather than business judgment. Otherwise, the equity stake will presumably be sold.