Alameda Research has at least $1.1B in new creditor claims

This is according to legal filings just published by the new FTX management on Kroll, where Alameda Research and its affiliates detailed their assets and liabilities. Below, we summarize the findings from Alameda Research Ltd, the main holding company of Alameda.

Because FTX had already disclosed that they found $6.1B in liquid assets, including over $2B at Alameda, here we focus on the liabilities part:

$950M of these liabilities are secured claims

A Google Sheets with the full accounting can be found here.

A previous FTX filing reported $6B in assets and $11B in non-Alameda liabilities

With $12B+ in total liabilities, this would suggest a recovery rate of around 50%

The math behind it: $6B assets / $12B liabilities = 50%

This excludes: 1) around $1B of these assets might go to the secured creditors first, 2) legal and other costs (could total 10% of total assets), 3) FTX has $5B in illiquid assets that could become money (e.g. $500M investment in Anthropic), and 4) liquid asset prices could fluctuate.

This story is developing. More updates will be included soon.

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