Former FTX Client Sues Olympus Peak for Promised Payments
Alexander Nikolas Gierczyk, a former client of FTX, is suing hedge fund Olympus Peak, claiming that the acquisition desk of the company’s bankruptcy claims has failed to provide promised payments on a claim he bought. Gierczyk alleges he consented to sell Olympus Peak Trade Claims Opportunities Fund a $1.59 million FTX bankruptcy claim at a 42% discount with an excess claim condition, according to records submitted with the U.S. District Court, Southern District of New York. As stated in the agreement, “Buyer will purchase such Excess Claim Amount by paying… the Excess Claim Amount multiplied by the Purchase Rate, if the Claim is finally granted in an amount that is larger than the Claim Amount.”
Olympus Peak Faces Legal Challenge After Failing to Honor FTX Claim Agreement
Gierczyk only consented to the sale, the petition states, since the purchase agreement had a specific provision granting him the right to further recovery should his claim be settled in full during the bankruptcy process. The filing from Gierczyk’s attorneys states that according to the most current FTX disclosure statement, claims like his might earn payouts of up to 146% of their value. They contend, however, that Olympus Peak made it apparent that they would not be keeping their half of the agreement.
We disagree with your position that you have a retained any economic interest in the claim,
an Olympus Peak representative
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