Posted on 01/10/2023 4:45:07 PM PST by PJ-Comix
Billionaire New England Patriots owner Robert Kraft and star NFL quarterback Tom Brady are among those sharing in the pain of FTX Group’s sudden implosion.
Brady, formerly a prominent FTX booster, owns more than 1.1 million common shares of FTX Trading, bankruptcy court documents show. His ex-wife, supermodel Gisele Bündchen, has more than 680,000 shares in the same entity.
Meanwhile, KPC Venture Capital LLC, an entity linked to the Kraft Group, holds more than 110,000 Series B preferred shares in FTX Trading, the entity that owns its main crypto exchange, according to the court papers. The firm also owns 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, the unit that owns the company’s US-based exchange.
The value of the investments couldn’t immediately be learned, but are assumed to be practically worthless. Stockholders of bankrupt companies rarely recover any of their money because US law requires creditors be repaid in order of priority, and stockholders are last in line, below those with direct claims on a company’s assets, customers and suppliers.
(Excerpt) Read more at fortune.com ...
Tom’s not having a good year.
big rumor that Clinton had a bunch of money in it
We’ll find out as the bankruptcy process grinds on, I suspect.
Exactly what most of us here on FR knew what was going to happen with crypto currency.
whats the downside to this?
He should ask for 1 million stock certificates, sign them, and sell them as NFTs.
> Tom Brady owns more than 1 million shares in FTX that’s practically worthless <
Well, McDonald’s is hiring. So Mr. Brady does have options.
did he get the shares for promoting it?
Aw, poor fella.
This is the real reason why Brady divorced. The fake retirement was just a cover story.
Tony Romo is making $18 mil a year doing NFL games for CBS. I gotta believe Brady would be in that bracket.
Maybe that is WHERE all the Clinton Foundation $$$$$$ went.
GREAT IDEA
1,100,000 + 680,000 x 0 = $0
Nice job, Tom & Giselle.
Chumps and their monies are soon parted.
Looks like Tom will have to play until 2030...
I don’t know his politics, but I wonder if for some of the “investors” this was just a way to launder money to
democrats?
If I were rich, I’d put money into gold (good hedge against inflation) or perhaps US bonds (if those are worthless, then you’re screwed anyway).
But apparently a lot of rich people are looking for Get Rich Quick schemes that promise unbelievable returns on investments based on nothing. All that risk taking seems to have a lot of downside and not a significant amount of upside. I mean: you’re already rich, so what’s the point?
The $1.1 million is just how he was paid.
He’s still worth around $250 million.
He signed a broadcasting contract for $375 million.
Greatest NFL QB ever.
Can have almost any woman.
Hey Tom, you ever hear that if it sounds too good to be true then it probably is?
You just found out.
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