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FastForward files motions in Factom bankruptcy hearing

Last updated: 10:30 09 Jul 2020 BST, First published: 07:27 09 Jul 2020 BST

FastForward Innovations Limited - FastForward files motions in Factom bankruptcy hearing

FastForward Innovations Limited (LON:FFWD) said it has filed its appearance and a number of motions in the bankruptcy case of its investee firm, Factom Inc.

The investment group said it is requesting the court in Delaware dismiss Factom's bankruptcy case so that a receiver may be appointed to liquidate the company’s assets in a Texas state court. Alternatively, FastForward has requested that Factom’s bankruptcy case be converted to a liquidation proceeding under Chapter 7 of the US Bankruptcy Code, or to transfer the case from the Delaware Court to the US Bankruptcy Court for the Western District of Texas, Austin Division.

READ: FastForward Innovations says Leap Gaming teams up with European gaming operator

FastForward also responded to statements made regarding the proposed reorganisation plan filed by Factom, saying the scheme includes an application for the discharge of various debts of Factom, including an application for the court to set aside the obligations of Factom under FastFoward's US$6mln SAFE note.

The company said it strongly opposes the reorganisation of Factom on the proposed terms and rejects claims made by the investee company that FastForward is acting as a barrier to Factom raising capital.

FastForward added that if Factom's case is not dismissed or converted, then it will oppose the confirmation of any plan that would seek to discharge the SAFE note, whether in the Delaware Court or the Texas Court.

The company's shares were steady at 5.9p in mid-morning trading on Thursday.

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