[SilverBirch]

>If the liabilities are collateralized by assets on their balance sheet, then the financial risk is not to Alameda but the lender!

Ok, this is kind of a fair point, if these loans are collateralized by the assets, then it's the lenders who have a problem. But that does actually mean there's someone out there who is going to get absolutely mugged. It's also a bit of a question who, other than some other SBF entity, would make these loans - who is accepting FTT as collateral? It also means that you need to apply that logic to their assets, meaning their supposed $14.6Bn you probably need to regard around $12Bn minimum to be absolutely worthless.

I would absolutely not say they for sure insolvent, but these numbers do clearly look very worrying.