FTX Token

According to court filings, the legal firms, investment banks, and consulting firms representing FTX in its bankruptcy case billed the crypto exchange $34.18 million in January.According to a March 6 filing, FTX&#39;s chief restructuring officer and new CEO, John J. Ray III, charged $1,300 an hour in February and made $305,000. In January, US legal firms Sullivan &amp; Cromwell, Quinn Emmanuel Urquhart &amp; Sullivan, and Landis Rath &amp; Cobb invoiced $16.9 million, $1.44 million, and $684,000, respectively.14,569 hours—over 600 days—were billed by Sullivan &amp; Cromwell lawyers and personnel. Some partners earned $2,165 per hour, while paralegals and legal analysts earned $425–$595.Discovery, asset disposal, and general inquiry cost the most. It sent FTX a $7.5 million February bill. Ray submitted a court application on Jan. 17 to maintain Sullivan &amp; Cromwell as legal counsel, stating that they had helped him contain the &#34;dumpster fire&#34; he was given.On Jan. 14, U.S. Trustee Andrew Vara objected to the law firm&#39;s retention, arguing that Sullivan &amp; Cromwell had neglected to disclose its FTX ties.Landis Rath &amp; Cobb, FTX&#39;s special counsel, spent several hours in court. The firm charged FTX administrators $684,000, including expenses. Some 180 attorneys and 50 non-lawyers from the three legal firms worked on the matter, primarily from Sullivan &amp; Cromwell.AlixPartners billed $2.1 million for January forensics consultation. FTX&#39;s DeFi products and tokens were forensically analyzed for over half of the firm&#39;s time.Alvarez &amp; Marsal charged $12.5 million for 17,100 hours of avoidance, financial analysis, and accounting services.Perella Weinberg Partners charged $450,000 per month plus more than $50,000 for restructuring strategy preparation and third-party contact. The law firms have at least six months of work before FTX&#39;s October trial. According to recent rumors, the case&#39;s fees might reach hundreds of millions, rivaling New York-based legal firm Weil Gotshal&#39;s $440 million from the 2008 Lehman Brothers bankruptcy.

Lawyers Picnic: FTX Counsel and Advisors Rake in $34M in January

ItsBitcoinWorld

Alte articole publicate pe 8 mar. 2023

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