Sam Bankman-Fried’s hedge fund Alameda Research lists Jimmy Buffett’s Margaritaville Resort in the Bahamas and Amazon Web Services as two of the largest creditors it owes money to, according to bankruptcy filings.
Alameda Research, which was founded by Bankman-Fried and run by his ex-girlfriend Caroline Ellison, collapsed along with FTX earlier this month. FTX, the cryptocurrency exchange run by Bankman-Fried, imploded after loaning money to Alameda in an unsuccessful effort to shore up its sister company’s finances.
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The Margaritaville Beach Resort in Nassau, Bahamas, is the fourth-largest creditor owed money by Alameda, as bankruptcy filings indicate Alameda owed the resort a debt of $55,319.
Jimmy Buffett’s Margaritaville is a parent company for more than two dozen hotels, resorts, and restaurants in the U.S. and abroad. The Margaritaville franchise is named after Buffett’s 1977 hit song “Margaritaville,” which extolled the virtues of a laid-back, tropical lifestyle and lamented lost love.
FTX and Alameda both had a presence in the Bahamas, although it’s unclear how Alameda incurred the debt and Margaritaville didn’t immediately respond to a request for comment.
Bankman-Fried and Ellison have faced withering criticism in the wake of FTX and Alameda entering bankruptcy, as their failure created a contagion in the crypto space that has dragged several other firms into bankruptcy.
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FTX’s new CEO, John Ray III, blasted them in a bankruptcy filing for a “complete failure of corporate controls” and added, “From compromised systems integrity to faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Amazon Web Services is the largest creditor listed in the bankruptcy filing and is owed $4,664,996 by Alameda. AWS is a subsidiary of Amazon that provides cloud computing platforms and APIs to clients.
Another notable creditor owed money by Alameda is Bloomberg Finance LP, which is owed $80,526 and ranks as the third-largest creditor. Bloomberg Finance provides commercial services, including financial software and data.
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Neither Amazon Web Services nor Bloomberg Financial responded to Fox Business’ request for comment about the nature of the debts owed to the companies by Alameda.
Other creditors listed in Alameda’s bankruptcy documents include several law firms located across the U.S. and in Australia, England, Panama, and South Korea.
Source: finance.yahoo.com