"The company's filingmakes its financials look dire: It estimates that its assets are worth between $1 million to $10 million, against liabilities between $100 million to $500 million. But one subsidiary, TrustToken, claims in its own filing to have $100 million to $500 million in assets against just $10 million to $50 million in debt. The other subsidiaries tack on millions more for each column - it's as yet unclear how the overall company will aim to reorganize in this bankruptcy process."
"Many of Archblock's debts are listed as "unknown" in its bankruptcy filing. But the document says the company owes a $1.3 million tax bill to the Internal Revenue Service, and another $179,000 to the state of Delaware, where it's incorporated. Archblock also listed a "potential" $8.5 million debt to Alameda Research, the crypto trading firm that Sam Bankman-Fried co-founded and that famously spiraled into bankruptcy alongside FTX in late 2022."
Archblock and its subsidiaries filed for Chapter 11 bankruptcy protection while facing SEC fraud allegations and a civil suit. The company estimates assets between $1 million and $10 million against liabilities of $100 million to $500 million. One subsidiary, TrustToken, reports far stronger finances, claiming $100 million to $500 million in assets and $10 million to $50 million in debt. The filing lists many debts as unknown but identifies a $1.3 million IRS tax bill, $179,000 owed to Delaware, and a possible $8.5 million debt to Alameda Research. The reorganization path and consolidated financial picture remain unclear.
Read at SFGATE
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