3AC founder believes in "karma"! Will donate OPNX earnings to 3AC creditors

The CEO of the venture capital firm IBC Group held a Twitter Space event last night, inviting Kyle Davies, co-founder of bankrupt venture 3AC, to participate in the conversation. Davies stated that he will donate to creditors and proposed a karma theory that he and Su Zhu both believe in.

3AC Founders to "Donate" to Creditors

According to a report by The Block, Davies mentioned during a meeting that they are developing a "Shadow Recovery Process" and will be making "donations" to 3AC creditors through the recently established credit exchange, OPNX.

"This shadow recovery process is a way for Su, the other 3AC founder, and me to donate to the early supporters of the creditors. If some people are not willing to engage with us, they don't have to." Davies stated.

Additionally, Davies clarified that this process is unrelated to the liquidation process and is entirely voluntary and non-coercive. The liquidation process conducted by consulting firm Teneo as the liquidator will continue, with $1.3 billion in debt still outstanding.

Karma Philosophy of 3AC

As for the motivation behind this initiative, Davies provided an interesting answer, stating:

"When Mark, co-founder of OPNX, Su, and I were contemplating life philosophies, one thing we truly believe in is karma and something bigger than all of us. For some, it may be religion, philosophy, but we all believe in something greater. Therefore, we strongly believe that if we do good deeds, there is a chance for the creditors who have lost money to receive more in return. But if we do wrong and they do good, that's also good, it's good karma."

Furthermore, Davies mentioned that in this process, both Su and himself will donate future earnings and will not require people to purchase any assets or securities.

However, detailed information about this process has not been disclosed by Davies yet, including how it will be executed, how much funds will be available for compensating creditors, and further developments are awaited.