According to a Bloomberg report, the case of current bankruptcy change collapsed cryptocurrencies/pseudo Ponzi FTX has accumulated almost $ 1 billion in lawyer rates, and that figure continues to rise as companies continue to try to unravel Sam Bankman’s disorder and make the creditors complete.
By BloombergMore than a dozen law firms involved in the case of FTX bankruptcy have already been paid, and so far they have approved $ 952 million in fees. That figure makes FTX one of the bankruptcy of Chapter 11 in history. It follows only the bankruptcy of Lehman Brothers, the investment bank in the heart of the high -risk mortgage crisis that resulted in a global financial catastrophe, which Cost of $ 6 billionand Nortel Networks, a telecommunications company that left in 2009 and made Significant damage to the Canadian economywhich It costs more than $ 2 billion.
While the costs continue to rise in the FTX case, the creditors who hope to recover their money may not matter too much. The previous reports indicate that FTX hopes to have $ 16.3 billion remaining Once you have finished selling your assets. Around $ 11 billion is due to customers and creditors, which means there should be more than enough to make them complete. FTX customers are It is expected to recover 118% what they had in their accounts (although government regulators will probably be rigid, along with the company’s shareholders). Who says that cryptography is a bad investment? Look those returns!
The bankruptcy of FTX has proven to be expensive in large part because the company was an absolute disaster. Despite having a value of $ 32 billion in IS PEAK, Bankman-Fried and the company used Google Docs, Slack and Excel spreadsheets to administer assets and liabilities, By presentation of the Court. The company had a Quickbooks accounting membership, which is designed for small businesses and not for an international currency change, and had 80,000 without processing transactions in your accountstored in a folder entitled “Ask my accountant”. John Ray III, an insolvency expert who had the task of supervising bankruptcy, saying I had never seen “such a complete failure of corporate controls and such a complete absence of reliable financial information”, and that type Enron liquidated.
Given all that, it is a minor miracle than these lawyers (extremely well paid) can analyze all FTX books, but will also end up making customers complete despite the growing cost of bankruptcy. While the lawyers remain busy with all that, Bankman is apparently fried I found his way back to his Twitter account The other day to offer your thoughts about inefficiencies in large organizations. How much do you think they would have to pay Sam of the agreement to ensure that it would never tweet again?