Davies

Kyle Davies, co-founder of Three Arrows Capital, is contesting a motion to hold him in contempt of court by asserting that U.S. laws no longer apply to him. 
Davies, who was born and raised in the U.S., claimed in U.S. Bankruptcy Court for the Southern District of New York that he renounced his U.S. citizenship in late 2020 and no longer considers himself under the jurisdiction of U.S. courts. 
The situation arises from attempts to liquidate their failed hedge fund and repay billions to investors. Liquidators in the British Virgin Islands placed the company, which holds assets in the British Virgin Islands, under Chapter 15 bankruptcy protection in the U.S. to benefit from the legal safeguards provided by U.S. bankruptcy laws. 
Davies and his co-founder, Su Zhu, maintain that they cooperated with the bankruptcy process, but the liquidators claim they withheld crucial documents for months. Despite the judge approving subpoenas for Zhu and Davies in December, Davies has now cited his renounced citizenship as the reason for his lack of response. 
Lawyers representing Davies argue that the court cannot enforce a subpoena against him as he is no longer a U.S. citizen, and a specific rule related to bankruptcy cases does not apply to individuals outside the U.S. who are not U.S. nationals or residents. They also claim that the subpoena was not properly served, as it was sent to his Singaporean lawyer rather than directly to him. 
The outcome of the ongoing U.S. portion of the bankruptcy remains uncertain, and a hearing on the motion is scheduled for August 8. 
Despite his renounced citizenship, U.S. financial regulators and criminal prosecutors may still pursue enforcement actions or indict foreign nationals suspected of committing crimes in the U.S. or involving U.S. citizens or entities. 
It is worth noting that Three Arrows Capital was reportedly under investigation by regulators in the past year, and the fund’s failure preceded larger crypto collapses, such as FTX’s implosion. 
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/105870/3ac-co-founder-defies-u-s-courts-cites-renounced-citizenship-as-liberation/">3AC Co-Founder Defies U.S. Courts, Cites Renounced Citizenship as Liberation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

3AC Co-Founder Defies U.S. Courts, Cites Renounced Citizenship as Liberation

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