FTX to set aside up to $230 million for shareholders, not creditors, from gov't forfeiture proceeds

According to a newly-revealed agreement, FTX will set aside up to $230 million worth of proceeds from government forfeiture actions for the benefit of certain shareholders. The agreement was finalized after the deadline for creditors to vote on the plan and was revealed thirty days later—the maximum time legally permitted—surprising and angering some creditors. While shareholders are traditionally reimbursed last in bankruptcy proceedings, the FTX estate argues in a filing that the reimbursement will help avoid costly litigation and delays associated with the forfeiture proceeds.