FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with both FTX.com and FTX US, excluding illiquid tokens. FTX reported that it expects to find and liquidate additional assets and value. This additional value is anticipated to be realized through selling securities, subsidiaries, and real estate, as well as through lawsuits (known as adversary proceedings in bankruptcy cases) yet to be filed. Examples of litigation targets seem to include recipients of: (1) over $2 billion in loans to insiders, (2) a $2.1 billion payment to Binance to repurchase Series A shares, (3) $93 million in political donations, (4) transfers to Voyager of over $440 million within the “preference period,” (5) parties involved with Alameda’s use of “artificial collateral,” and (6) others.

Time will tell how much (and what) is collected, from whom, and at what cost.

Meanwhile, FTX reports that representatives of all the FTX debtors, the UCC, and the joint provisional liquidators appointed in the Bahamas have reached an agreement to coordinate their efforts and jointly work on possible structures for a Chapter 11 bankruptcy plan for the FTX Chapter 11 debtors; they have also filed a copy of their Settlement and Cooperation Agreement on the docket. Not an easy task.

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