FTX Bankruptcy Specialists Collected $38M In Fees In January

Key Points:

• FTX bankruptcy specialists raised a total of $38 million in January.
• In total, the three firms have more than 180 attorneys assigned to the case and more than 50 non-attorney employees.

According to CoinDesk, according to court filings, FTX bankruptcy specialists raised a total of $38 million in January, including a team of attorneys, investment bankers, consultants, and advisors. financial matters.

Bankruptcy managers hired Sullivan & Cromwell LLP as legal counsel. They also hired the law firm of Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb as special counsel in the case. The company hired consulting firm AlixPartners to conduct forensic analysis of DeFi products and tokens held by FTX.

Meanwhile, financial services firm Alvarez & Marsal and Perella Weinberg Partners were hired to sort through FTX’s accounting records and determine which assets could be sold.

Sullivan & Cromwell’s fees for January were $16.8 million, while Quinn Emanuel Urquhart & Sullivan’s fees were $1.4 million and Landis Rath & Cobb’s fees were $663,995, according to court documents . The three law firms have more than 180 attorneys working on the case and more than 50 non-attorney staff (such as paralegals).

In early February, Sullivan & Cromwell filed a $7.5 million bill for the first 19 days of business bankruptcy after FTX filed in November.

Much of the time billed to Quinn Emanuel Urquhart & Sullivan is spent on Asset Analysis and Recovery as well as Avoiding Actions – legitimizing efforts to undo some of the transactions the debtor made prior to bankrupt.

AlixPartners charges $2.1 million for 2,454 hours of work. Investment bank Perella Weinberg Partners charges $450,000 (monthly fee). Alvarez & Marsal collected a fee of $12.3 million. Additionally, FTX Interim CEO John J. Ray III filed a bill of $305,565 for his work in February.

In November, shortly after FTX declared bankruptcy, interim CEO John J. Ray III said that the exchange had a “complete failure of corporate controls and such a complete absence of trustworthy financial information.”

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