Autism may be the only asset left for 3AC founders after $1B frozen
A British Virgin Islands court has stepped in to prevent Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu from transferring or selling more than $1 billion in assets with creditors still chasing the collapsed fund’s owners for more than $3 billion. The announcement came one day after a domestic freezing order was issued by a court in Singapore. 3AC operated out of Singapore but filed for bankruptcy in the British Virgin Islands. According to a statement from 3AC’s liquidator Teneo, $1.4 billion in assets have been frozen while creditors are still owed somewhere in the region of $3.3 billion. Davies’ wife Kelly Chen has also been barred from moving assets. “The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the found ers should be held responsible for causing 3AC ’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought,” the sta...