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Scaramucci’s SkyBridge is trying to buy back 30% of the shares of FTX


(Bloomberg) – Anthony Scaramucci says SkyBridge Capital is trying to buy back 30% of his company that Sam Bankman-Fried’s FTX bought a few months before the crypto exchange broke out – an effort currently underway. complicated by FTX bankruptcy.

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“My legal team and my other partners are working to buy back that share,” Scaramucci said Friday in an interview with CNBC shortly before FTX filed for bankruptcy. “We are in a worse position because of the fact that we made the decision to have Sam join the limited panel at SkyBridge. There’s no doubt we’re in a worse position – he’s hurting the industry.”

Less than two hours after Scaramucci’s statement, FTX revealed when to begin bankruptcy proceedings. More than 130 institutions are affiliated with FTX.com, FTX US and the trading company Alameda Research Ltd. was listed in filings in federal court in Delaware, in which Bankman-Fried stepped down as chief executive of FTX Group as part of the filing.

Any acquisition of FTX shares in SkyBridge will now have to go through bankruptcy court. It’s a potentially lengthy process, one that SkyBridge will pursue with the administrator, Scaramucci told Bloomberg News after submitting the application. FTX creditors will scour the company’s books for units, contracts, joint ventures or ownership shares with whatever value is left to help cover their losses.

“Admins will be flooded with requests from people who have claims against FTX,” said Greg Kidd, co-founder of venture capital fund Hard Yaka, a small-equity investor at FTX US. “And that includes those who benefit from investments from FTX. But there is no way to jump the queue. Scaramucci may try to buy back his shares in bankruptcy court. There will be a process, and he may be outbid. “

Just two months ago, FTX said it was acquiring a stake in Scaramucci’s company, which manages about $2.2 billion and invests in both hedge funds and digital assets. FTX Ventures has provided SkyBridge with cash to fund new product development and launches and to purchase cryptocurrencies that SkyBridge will hold on its balance sheet.

On Tuesday, the SkyBridge founder flew to the Bahamas in an effort to help Bankman-Fried, he told CNBC.

“The initial idea was that this was a bailout financial situation and could we somehow help,” Scaramucci said. However, upon arrival, “at least from some of the people who work on the legal and compliance teams, there is probably more going on than a rescue situation.” Scaramucci left that afternoon, in a state of distress, he said.

Scaramucci said he’s hesitant to call what he’s seeing fraud “because it’s a legal term,” but he begs Bankman-Fried to tell investors the truth and explain what’s going on. happened to managers. “And if there is cheating, clean it up to the extent possible,” he said.

Scaramucci said that his company had to discount some of its securities due to the rapid decline of the cryptocurrency. It had exposure to FTX’s FTT tokens, he said, and had “lost” on it.

In a September statement revealing the deal with FTX, Scaramucci, 58, described Bankman-Fried, 30, as “a visionary who has built incredible businesses. surprises with the future of SkyBridge.” Bankman-Fried said that FTX, which sponsored SkyBridge’s annual SALT conference, will partner with Scaramucci’s firm on crypto- and non-crypto-related investments.

A few months earlier, SkyBridge had suspended buybacks in the Legion Strategy Fund — one of its smaller offerings — after stocks plummeted and cryptocurrencies caused exposure to private firms. multiplied by 20%. FTX is one of the fund’s private investments.

The crisis that enveloped FTX emerged this week, rattling the entire crypto market, with competitor Binance Holdings Ltd. US authorities are investigating FTX.

Scaramucci told CNBC that he feels “disappointed” and “cheated” by the collapse of the Bankman-Fried crypto empire, calling it the worst week in crypto history.

–With support from Vildana Hajric.

(FTX bankruptcy update, Scaramucci’s comment starts at the first paragraph.)

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