Lawyers Feast on FTX Corpse

in crypto •  2 years ago 

New Court Filings: FTX Racked Up $19.6 Million in Legal and Financial Advisor Fees in Just 51 Days – What's Going On?

Slightly disingenuous title, suggesting such fees relate to the once-FTX-fraudsters. But no, these gargantuan fees are being raked in by the current management.

So good to have a corpse upon which to feed.

Also, make sure anything that truly stinks is incinerated.

Sullivan & Cromwell formed the biggest share of the ongoing legal tab. Charging a whopping $6.28m for their 6,500 hours of work between November 12 - 30. Up to half of this bill comprised work by senior partners in the firm charging extreme rates.

That's only $1,000 per hour!

The biggest single item was a $40,000 invoice for one day's representation at the first FTX bankruptcy hearing.

Now we're chewing on the good stuff.

Oh, and don't forget that Chapter 11 means FTX is also being fattened for market - even if only fit for the abattoir.

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  ·  2 years ago  ·  

As of last month [August 2013], the small army of lawyers, accountants, consultants and other professionals assisting in the wind-down of the investment bank had earned more than $2.2 billion since Lehman filed for bankruptcy in September 2008. Fees from the 2001 bankruptcy of infamous energy trading firm Enron look paltry by comparison, at $793 million.

https://money.cnn.com/2013/09/13/news/companies/lehman-bankruptcy-fees/

FTX is out, I’ll take Binance. Fuck you LOSERS. That’s the People around Young Money and SpaceX that are Fighting against the Future. What are Steph and Shaq saying?