With FTX claims estimated at 118% recovery in dollar terms, secondary market trading has been similarly boosted.
FTX claims have risen above 100 cents on the dollar following the estate’s draft recovery plan that estimates the majority of creditors will see a recovery rate of 118%.
“It's absolutely unbelievable,” said Thomas Braziel, a partner at 117 Partners and 507 Capital and an investor in distressed assets. “I mean, Lehman was 141 cents on the dollar, and that took 10 years. This is 142% as the projected high number. For the majority in terms of number of creditors, there's still some stuff to iron out but claims are pricing over 100; even small claims are basically pricing up to 100.
He argued that since distressed asset investors own a significant portion of the docket and that there’s a large percentage of claims in stablecoins, it’s unlikely there will be a successful pushback on the plan. “It kind of puts a nail in the coffin of guys trying to push for crypto upside,” he said.
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