FTX’s Lawyers Request Transfer of Promissory Note Assets from DIG Banks

03/31/2023 10:06 • Blockchain Buzz • 139 views

According to reports, FTX’s lawyers have requested Deltec International Group (DIG) banks to transfer promissory note assets related to Alameda Research and former FTX executive Ryan Salame. The motion was filed in the Delaware Bankruptcy Court on April 29. Salame, the co CEO of FTX Digital Markets, first signed a promissory note agreeing to pay the debtor Alameda Research $50 million in principal and interest. According to the filing documents, this bill was subsequently transferred from an account under Alameda’s name to DIG. Salame was listed as Norton Hall’s supervisor and executed and delivered his signature page on the ticket. Despite the $50 million promissory note between Norton Hall and DIG, Norton Hall informed the debtor that Salame was not and has never served as a director of the company, and did not authorize DIG’s promissory note.

FTX proposes that DIG Bank surrender assets related to former FTX executives and Alameda

Introduction

In a recent development, FTX’s lawyers have requested Deltec International Group (DIG) banks to transfer promissory note assets related to Alameda Research and former FTX executive Ryan Salame. The motion was filed in the Delaware Bankruptcy Court on April 29.

The Promissory Note Agreement

According to the court documents, Salame, the co-CEO of FTX Digital Markets, signed a promissory note agreeing to pay the debtor Alameda Research $50 million in principal and interest. This bill was later transferred from an account under Alameda’s name to DIG, where Norton Hall was listed as Salame’s supervisor and executed and delivered his signature page on the ticket.

Dispute Over Salame’s Authority

Despite the existence of the $50 million promissory note between Norton Hall and DIG, Norton Hall informed the debtor that Salame was not and has never served as a director of the company, and did not authorize DIG’s promissory note. This dispute over Salame’s authority has led to FTX’s lawyers requesting the transfer of the promissory note assets from DIG banks.

Legal Implications

Should DIG be found to have acted without proper authority from Salame or FTX, this could have serious legal implications for all parties involved. The transfer of promissory note assets is a delicate matter and requires a high level of legal oversight to ensure that all parties’ interests are protected.

Conclusion

The current dispute over the promissory note assets between FTX, Alameda Research, and DIG banks is a complex matter that requires careful legal consideration. As more details emerge, it will be interesting to see how this case unfolds and what the eventual outcome will be.

FAQs

1. What is a promissory note?
A promissory note is a written promise to pay a debt by a certain date or on-demand.
2. What are the legal implications of dispute over promissory notes?
Disagreements over promissory notes can have serious legal implications, particularly if there is a dispute over authority or ownership.
3. What are the potential consequences of improper promissory note transfers?
Improper transfers of promissory note assets can result in legal action, financial losses, and reputational damage for all parties involved.

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