FTX’s new management and liquidators in the Bahamas have signed an agreement to cooperate and collect assets on behalf of creditors, capping off a prolonged row between the two parties over who controls the bankrupt exchange’s remaining property, the Wall Street Journal reported. The parties have agreed to share information, as well as help to secure and distribute assets that belong to FTX entities in the Bahamas and abroad, according to a Friday press release. FTX had been headquartered in the Bahamas since 2021 and its international exchange was overseen by Bahamian regulators. “There are some issues where we do not yet have a meeting of the minds, but we resolved many of the outstanding matters and have a path forward to resolve the rest,” said John J. Ray III, FTX’s new chief executive, in a statement. Plans to cooperate may resolve a prolonged battle between government officials in the Bahamas and FTX’s new U.S.-based management, who have publicly traded barbs and accused the other of misconduct for almost two months. As FTX suffered from billions in customer withdrawals and teetered toward bankruptcy, Bahamian regulators ruled that a local unit housing the international exchange was insolvent and appointed liquidators to collect billions of its assets. One day later, Sam Bankman-Fried resigned as FTX’s chief executive and passed control of FTX to Mr. Ray, who filed more than 130 FTX subsidiaries for chapter 11 protection.
