3AC seeks contempt of court ruling against founder Kyle Davies for not responding.

The bankrupt hedge fund’s estate filed documents on Wednesday stating that Kyle Davies should be held in contempt of court for failing to respond to a subpoena requesting information about the collapse of Three Arrows Capital (3AC).

The estate is urging a New York court to impose a fine of $10,000 per day for willfully ignoring previous requests. They cite Davies’ extravagant lifestyle and substantial profits from running the company, whose bankruptcy in the middle of last year sent shockwaves through the crypto sector.

Judge Martin Glenn had ordered Davies to comply with the subpoena by April 13th, seeking information on company assets, crypto, and records, but 3AC’s liquidators say he failed to comply or respond in any way.

The filing states that “Davies’s failure to respond is not due to an inability to engage with the Court or any credible qualms with its jurisdiction.” It suggests that the court should exercise personal jurisdiction over Davies, hold him in willful contempt of court, and impose sanctions.

Although contempt is a civil offense, the filing suggests a significant daily fine “is fair and likely meaningful in persuading Davies to respond.” It cites an interview with the New York Times in which Davies boasts of investing in a super yacht and potentially buying a private island.

Davies’ new venture, OPNX, which trades claims on bankrupt companies, was reprimanded by Dubai regulators for being an unregistered exchange. A hearing on the US contempt request will be held on August 8th.

Davies’ lawyers did not immediately respond to a request for comment.

Edited by Sam Reynolds.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Bitcoin Squeeze: Bulls and Bears Collide in a Volatile Battle

Bitcoin Soars to Nearly $36,000 in Classic Short Squeeze Boost

Market

Altcoin season uncertain as Bitcoin dominance rebounds from crucial support level.

Bitcoin dominance, a powerful indicator of its significant impact on the overall cryptocurrency market, has achieved ...

Policy

BitGo Expands Crypto Compliance in Germany: A License Worth Its Weight in Bitcoin

After more than three years of expanding operations, BitGo has finally obtained clearance from the German Federal Fin...

Opinion

Crypto for Advisors: Bitcoin Bull

Exploring the Positive Outlook for Bitcoin Brian Rudick and Matt Kunke from GSR Share Insights in Today's Crypto for ...

Bitcoin

Bitcoin ETF: Hilariously Rewarding Your Crypto Dreams

Attention, fashion lovers! The Grayscale Bitcoin Trust (GBTC) discount disappears as the new Bitcoin ETF Token ($BTCE...

Bitcoin

BTS revisits 10-year-old video of buying $1 worth of Bitcoin.

Davinci Jeremie believed that he would become a hero for suggesting Bitcoin 10 years ago. However, his community beli...