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Liquidators of ‘ticking time bomb’ Silicon Valley Bank (Cayman) sue shareholder SVB Financial Group to void ‘$294M distribution’

The liquidators of Silicon Valley Bank in the Cayman Islands are suing its Delaware-domiciled sole shareholder, SVB Financial Group, in an attempt to void a $294 million “upstream distribution” made when the offshore bank was “insolvent” and “a ticking time bomb”.