TechFlow news: Bahamian regulators plan to reclaim ownership of FTX's $256 million in real estate. Lawyers for the Bahamas have asked a U.S. judge to dismiss Chapter 11 bankruptcy proceedings against FTX’s property subsidiaries. The Bahamian legal team stated that since all properties are located in the Bahamas, and "Bahamian law does not permit recognition of foreign bankruptcy proceedings involving Bahamian companies."
According to reports, FTX spent $256.3 million on 35 different real estate properties in the Bahamas, including its new headquarters which cost over $25 million and began construction in April 2022, but has remained suspended since the exchange filed for bankruptcy in November.Original link
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