Three Arrows Capital Associates Kyle Davies Exempted from Paying Fines Related to “Failure to Respond to Summons” for Renunciation of U.S. Citizenship

Odaily Planet Daily News Three Arrows Capital (3AC) co-founder Kyle Davies was exempted from paying a huge fine related to the subpoena because he renounced his US citizenship. Judge Martin Glenn ruled on Friday that Davies had not been properly communicated on social media. Davies was not a U.S. citizen when the New York bankruptcy court issued the subpoena, so he was not required to pay the penalty. Three Arrows' liquidators had wanted the judge to hold Davies in contempt of court and fine him $10,000 a day until he responded to a subpoena or turned over documents. The liquidators attempted to send Davies a subpoena via Twitter (an unusual request) because they were not sure where Davies now lived, and he frequently posted on Twitter (now known as X). (Bloomberg) Prior to the news on August 2, Kyle Davies stated that he had renounced his US citizenship and therefore did not need to respond to the US court. In court documents on Tuesday, Davies said he became a permanent resident of Singapore in 2017. Since Singapore does not allow dual citizenship, he renounced his U.S. citizenship upon marriage and is therefore not subject to the jurisdiction of U.S. courts.