Bankrupt BlockFi Sues A SBF Holding Company

November 29, 2022

Newly-bankrupt BlockFi has sued a SBF’s Emergent Fidelity Technologies to recover Robinhood shares. 

In its complaint filed in New Jersey court, Emergent Fidelity Technologies sought his shares in Robinhood that were pledged as collateral earlier in November.

Emergent Fidelity Technologies Ltd has defaulted on its obligations under a Nov. 9 pledge agreement, the court said.

According to the court documents, Emergent guaranteed the repayment of obligations of Alameda Research Ltd, the crypto hedge fund affiliated with FTX.

The collateral in question is SBF’s 7.6% stake in Robinhood, the investment and trading platform, which he acquired earlier this year.

Emergent holds a 7.42% share of Robinhood, according to Eikon data.

Bankman-Fried is not named as a defendant.