Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

FTX paid $32.5 million to its bankruptcy lawyers in February, more inside

1min Read
FTX paid $32.5 million to its bankruptcy lawyers in February, more inside

Share this article

  • In February, FTX’s bankruptcy proceedings totaled 32.5 million. 
  • This excluded current CEO John J. Ray III’s $305,000 payment.

According to court filings between 4 – 10 April, during the month of February, the fees of law firms involved in FTX’s bankruptcy proceedings totaled around $32.5 million.

The law firm Quinn Emanuel Urquhart and Sullivan sought over $2.7 million in reimbursements for February. The firm’s partners charged between $1,246 and $1,917 per hour, while associates charged between $747 and $1,183 per hour.

The firm’s total number of hours billed was nearly 2,610. The law firm Alvarez and Marsal and forensic investigation consultant Alix Partners disclosed their February fee statements, which totaled more than $11.9 million and $3.6 million, respectively.

Law firm Sullivan and Cromwell demanded the largest amount, as they presented a bill of $13.4 million. Additionally, in February, FTX paid investment banking firm Perella Weinberg Partners $77,891. Moreover, they paid bankruptcy co-council Landis Rath and Cobb $582,604 in the same month.

FTX restructuring chief John J. Ray III paid $1,300 per hour

The figure of $32.5 million did not include compensation for restructuring chief and current CEO John J. Ray III, who received $305,000 in February. Ray’s March remuneration was similar, with a filing showing his total fees and expenses were $329,173.

The FTX chief was paid $1,300 per hour and reportedly worked 255.9 hours for the period of 1-31 March. Thus, Ray’s fees totaled $327,470, with the remaining $1,703 used for tickets, hotel, transportation, meals, and other expenses.

Advisors and lawyers for the bankrupt exchange were paid a similar sum in January, with FTX paying $34.18 million for their combined services.

The fees, reimbursements, and expenditures paid by FTX to its legion of lawyers, associates, paralegals, accountants, investigators, directors, and executives remain difficult to swallow for customers who have yet to be compensated.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.