The much controversial Three Arrows Capital (3AC)’s co-founder Zhu Su finally made a statement on Twitter and came out accusing liquidators of ‘baiting.’
“Sadly, our good faith to cooperate with the Liquidators was met with baiting,” Zhu Su tweeted today since his last tweet on June 15, 2022.
Zhu also tweeted screenshots of emails provided by Advocatus Legal LLP, the Singapore-based law company representing Zhu Su and Kyle Davies in which they stated that they will undertake the required procedures.
These events broke through as only just yesterday reports came in that 3AC co-founders Su Zhu and Kyle Davies have apparently fled Singapore and are not cooperating with the liquidations proceedings.
The emails state that the Singapore solicitors were engaging with the fund’s co-founders to use their discussions in the Court filing without their permission.
“It appears, therefore, that contrary to your representations that you were seeking to engage our clients in good faith, and constructively, you had already prepared to make that application and were in fact baiting our clients,” the email notes.
The team is also concerned with the liquidators’ failure to exercise StarkWare’s token purchase offer which was confirmed by the latter in a call on 8 July 2022.
3AC co-founders believe that the liquidators’ failure to exercise the rights to the StarkWare Exercise has resulted in a significant loss of value for the company.
Their rights as the Company’s creditors, investors, and shareholders have been jeopardized, and the liquidators’ actions during the StarkWare Exercise may represent a breach of their obligations.
The Advocatus firm is asking the liquidators to confirm the following in writing!!
- When did the liquidators know about the StarkWare Exercise?
- What are the steps that the liquidators took in relation to the StarkWare Exercise, after learning about the StarkWare Exercise?
- What are the steps that the Liquidators took to ascertain the value that could be realized if the company exercised its rights in relation to the StarkWare Exercise?
- Whether the liquidators reached out to StarkWare before 5 July 2022, being the deadline of the StarkWare Exercise.
Christopher Anand Daniel from the law firm asks the creditors in the email if they referenced threats of physical harm against the 3AC co-founders and their families in court documents.
The emails also mentioned that Su and Davies had to field queries from the Monetary Authority of Singapore in the last week.
Advocatus Legal LLP also stated that their clients have been working under a lot of time constraints and that, given the recent turn of events, they would not proceed with a court hearing set for today.
“In light of the foregoing, our clients will not be proceeding with the call this evening, Singapore time. Depending on your response, we will let you know when our clients can reasonably be expected to speak with you,” the email notes.
Also Read: 3AC Co-Founder Su Zhu Plans to Sell his Singapore House
