The FTX case already has one winner - law firms and restructuring professionals. Costs will only rise as the case gets more complex. jackschickler reports
cutting deals with prosecutors, and as many as 1 million creditors still waiting to get their money back, there seem to be few winners from the collapse of the FTX crypto exchange.
Court filings issued Wednesday detailed the terms under which FTX’s partners will be reimbursed for their efforts. The filings also detail the fees charged by lawyers, tax advisers, restructuring specialists and the company’s own new senior management, including John J. Ray III, who took over from Bankman-Fried as chief executive officer on Nov. 11., hired to be counsel for a representative committee of nine FTX creditors.
Meanwhile, staff at financial advisers Alvarez and Marsel charge an hourly rate of as much as $1,375 and received $4 million in retainers prior to the bankruptcy. Ray, via his company Owl Hill, charges a similar hourly rate. Upon completion of the Chapter 11 bankruptcy plan he will get a further $3 million bonus. Fellow law firm Landis Rath and Cobb, restructuring specialists Kroll, and tax advisers Ernst & Young will all claim their stake, too, according to court filings.
“Sullivan & Cromwell believes that it is essential [for FTX to have] immediate and uninterrupted access” to sophisticated legal advice as they attempt to unwind its affairs, and charges reflect reasonable and competitive compensation, the filings said.
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