New England Patriots owner Robert Kraft and star NFL star Tom Brady are among those sharing in the pain of FTX Group’s sudden implosion.
The value of the investments couldn’t immediately be learned, but are assumed to be practically worthless. Stockholders of bankrupt companies rarely recover any of their money because US law requires creditors be repaid in order of priority, and stockholders are last in line, below those with direct claims on a company’s assets, customers and suppliers.Article content
“At the end of the day, we’re not going to be able to recover all of the losses here,” John J. Ray III, who’s handling FTX’s restructuring, said last month.Brady is among a group of Wall Street and Silicon Valley elite who were stuck with FTX shares, including Tiger Global Management, the Ontario Teachers’ Pension Plan and Sequoia Capital, according to the document.
Around this time last year, FTX Trading raised $400 million, valuing the company at $32 billion and making founder Sam Bankman-Fried one of the world’s richest people. He’s now set to face trial in October.
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