Teneo, the liquidator behind bankrupt hedge fund Three Arrows Capital (3AC), is reportedly seeking to recover roughly $1.3 billion in funds from 3AC founders Su Zhu and Kyle Davies.

According to a June 27 Bloomberg report, the liquidator claimed Davies and Zhu incurred the $1.3 billion of debt when 3AC was already insolvent, adding to creditors’ losses. 3AC reportedly owed creditors $3.5 billion, making the founders’ potential liability more than a third of the total debt.

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