A bankruptcy that is worth gold – FTX has been making headlines over the past few months for its procedure of current bankruptcy. In addition to the financial losses incurred by investors, legal fees hired by the company created by Sam Bankman-Fried regularly arouse outrage. The latest fee statements for the month of February from lawyers and advisers in charge of the company’s bankruptcy are no exception. They report an astronomical figure of $32.5 million in fees. This situation is difficult to accept for debtors who are still waiting to be compensated.
FTX’s Frightening Legal Fee Numbers for February
The latest court filings for FTX’s bankruptcy proceedings, available on Kroll, indicate that the law firms involved have claimed a combined total of 32.5 million dollars for the month of February.
This sum does not include the remuneration of the CEO of the restructuring, John J. Ray IIIwho pocketed 305 000 dollars in February. Ray’s fee for the month of March was a similar amount. On the other hand, the investment bank Perella Weinberg Partners and the bankruptcy consulting firm Landis Rath & Cobb invoiced significantly lower amounts for the month of February: respectively 77 891 et 582 604 dollars.
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The Law Firm That Was Worth Millions of Dollars
Sullivan & Cromwellone of the law firms involved in FTX’s bankruptcy proceedings, billed a total of more than 13.4 million dollars for work done for the stock exchange in February by its burgeoning team of attorneys and associates.
Sullivan & Cromwell employees have collectively spent over 12 000 h working on FTX in February. According to reports, the firm will single-handedly reap hundreds of millions of dollars before the investigation into the stock exchange’s bankruptcy was completed.
The procedure of bankruptcy of FTX continues to make waves in the cryptocurrency world. THE astronomical legal fees incurred by the stock exchange are difficult to swallow for the debtors, who are still waiting to be compensated, like FTX Japan which authorized the resumption of withdrawals for its users.
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