- The Metropolitan Museum of Art to Refund FTX Donations: The Metropolitan Museum of Art in New York has announced that it will return $550,000 in donations from FTX, a cryptocurrency exchange that filed for bankruptcy last November.
- FTX Donated Millions to Various Organizations: Court documents show that FTX donated a total of $93 million between March 2020 and November 2022 to various organizations and politicians. However, only 19 out of 180 US politicians who received funds have either returned the donations or indicated their intent to do so.
- FTX’s Bankruptcy Proceedings: In June 2021, FTX began its bankruptcy proceedings in the US Bankruptcy Court in Delaware. As debtors-in-possession, they maintain control of their companies and keep them running. The court had previously approved joint administration of these Chapter 11 cases.
Overview
The Metropolitan Museum of Art in New York has declared its intentions to refund $550,000 it received from FTX, a cryptocurrency exchange that folded last November. Other FTX donations amounting up to $93 million were given to various organizations and politicians between March 2020 and November 2022. In June 2021, FTX began its bankruptcy proceedings in the US Bankruptcy Court in Delaware with debtors-in-possession maintaining control over their companies through joint administration by the court.
Donation Amounts Given by FTX
In two tranches; $300,000 was given in March 2022 and another $250,000 two months later in May by West Realm Shires Services facilitated these donations to the firm that operated FTX.US. Upon filing for bankruptcy protection on November 11 and 14th 2022 respectively, approximately $27 million was reportedly given out by the crypto exchange’s management under “Protect our Future PAC” as revealed by Market Watch data.
Metropolitan Museum’s Decision To Refund Donations
The repayment results from “good faith, arm’s length negotiations” with FTX’s debtors according to the museum who expressed a desire for returning all donations given out priorly when announcing this decision. Although 19 US politicians have either returned or indicated an intention towards repaying their respective donations out of 180 benefitting from this act of charity only among other organizations; many more still remain unaccounted for upon filing for bankruptcy protection last year..
Bankruptcy Processes Involved
Debtors-in-possession maintain control over their companies upon filing for bankruptcy as part of Chapter 11 cases which can be jointly administered following court approval such as was done here at US Bankruptcy Court in Delaware where proceedings began on June 2nd 2021 leading up until today when the Metropolian Museum decided upon returning all funds received from crypto exchange.Conclusion
At present due to good faith negotiations with respective debtors involved; The Metropolian Musuem has agreed upon returning all money donated via West Realm Shires Services on behalf of those operating at FTU .US collectively amounting up towards a sum total value estimated at around 550 thousand dollars despite only 19 out fo 180 benefitting political parties having agreed upon or shown intensions towards repayment since December last year when process initially begun here at US Bankryptcy Court located within Delware
