It means that the lawyer of the Bankruptcy Data Encryption Exchange believes that the examiner's investigation into the bankruptcy of FTX may damage the enterprise by US $100 million, and will not bring any benefits to creditors or shareholders

This argument is part of the negative opinion put forward on January 25 on a resolution explicitly put forward by the United States attorney in December, which stipulates that the presiding judge appoint a list of independent examiners to ensure that all investigations are transparent and the findings are made public.

The FTX lawyer fabricated a lie, and the creditor could not easily benefit from the repeated examiner investigation led by FTX CEO John J. Ray III, which was composed of creditors, law enforcement agencies and the United States Congress, and added:

"The appointment of an inspector whose daily task is not determined is expected to damage these properties by tens of millions of dollars. In fact, if the historical time is taken as the guide, the cost is likely to be close to or even more than 100 million dollars."

On January 25, the creditors' federation (also known as the unsecured creditors' official network federation) put forward its own negative opinion on the appointment of the independent examiner, and listed the high costs involved and the investigations conducted by many parties.

In the original resolution, the United States attorney stressed that if the people's court worried about the repetition of work, it could allow the examiner to browse the current work, and added:

"The examiner can also allow Mr. Lei to devote himself to the smooth work of the borrower's business, and at the same time allow the examiner to carry out investigations, so as to deal with such cases quickly and cost-effectively."

The joint provisional liquidator of the Bahamas and FTX US also boycotted the appointment on January 25, stressing that the bankruptcy method allows the presiding judge to appoint a part of the examiner "under appropriate circumstances", and fabricating lies. The appointment of the examiner will cause unnecessary costs and delays, so it is "problematic"

ofImprovement: It is reported that the financial data of BlockFi without deletion shows that the risk of FTX is 1.2 billion US dollars

In the bankruptcy proceedings of FTX, the appointment of an independent examiner has always been an important topic for discussion.

On December 9, four U.S. lawmakers, including Elizabeth Warren, wrote a letter to John Dorsey, a judge of the Delaware Bankruptcy Court, claiming that the FTX lawyers Sullivan and Cromwell had interest transmission in the case, and were skeptical of the company's ability to provide findings that could enhance confidence.

However, the presiding judge ruled on January 20 that there would not be enough to prevent the law firm from serving as a FTX lawyer again.

The presiding judge will decide whether to accept the appointment of the independent examiner at the court on February 6.

The independent examiner is generally appointed by the bankruptcy people's court to investigate the small details of the complicated cases submitted to him, and was appointed in other high-profile bankruptcy cases such as Lehman Brothers and Celsius, the data encryption trading center, at the difficult stage of the subprime mortgage loan.