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.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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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.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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