Home > NEWS > Lawyers’ picnic: FTX counsel and advisers rake in $34M in January

Lawyers’ picnic: FTX counsel and advisers rake in $34M in January

Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case.

Law firms, investment banks and consulting management firms that worked with FTX on its bankruptcy cases issued a cumulative $34.18 million income and expenditure statement to the password trading center in January, according to court documents.

John J.Ray III, FTX's chief restructuring officer and new CEO, also received a handsome salary of $1300 an hour, compared with a total of $305000 in February, according to a March 6 filing.

Us law firms Sullivan&Cromwell, Quinn Emmanuel Urquhart&Sullivan and Landis Rath&Cobb issued invoices of $16.9 million, $1.44 million and $684000, respectively, for January products and costs, according to another court filing on March 6th.

Lawyers and employees of the Sullivan&Cromwell law firm provide a total of 14569 hours of income and expenditure details for their work, which is equivalent to about 600 days. Some partners earn $2165 an hour, while trainee lawyers and legal investment analysts at the company earn between $425 and $595 an hour.

The highest price receivables are discovery ($3.5 million), asset disposal ($2.2 million) and general special survey ($2 million).

Nineteen days before February, it submitted another high income and expenditure statement of $7.5 million to the FTX.

Ray played a leading role in getting the law firm Sullivan Cromwell to act as a lawyer again, submitting a court resolution on January 17th. Making up lies, the legal affairs of a small white shoe, has demonstrated its indispensable effect by lowering the level of "trash box popularity" handed over to it.

Its application was supposed to be processed on January 14th when Andrew Vara, a US client, resisted saving the law firm's reply, claiming that Sullivan&Cromwell could not adequately disclose its relationship with FTX.

FTX, especially Mr. Landis Rath&Cobb, spends most of his working time participating in the court hearing system and judicial proceedings. For this diligence, the company provided FTX managers with an income and expenditure statement of $684000, mainly including expenses.

In the three law firms, more than 180 lawyers and more than 50 non-teacher-related staff participated in the case, most of which came from Sullivan&Cromwell.

AlixPartners, a forensic consulting management company, earned $2.1 million in January. The company spends almost half of its time on forensic analysis of decentralized financial products and tokens owned by FTX.

Consulting management company Alvarez&Marsal service commitment to the use of tax-saving behavior, financial statement analysis and financial accounting procedures, more than 17100 hours, issued an invoice of $12.5 million.

Perella Weinberg Partners, an investment bank, deducts a fee of $450000 a month, plus more than $50, 000 to restructure strategic development plans and communicate with third parties.

Because the FTX trial is scheduled to begin in October, the relevant law firms have at least six months of legal and regulatory work to do. Recent reports may cost hundreds of millions of dollars by the end of the case, which could be on a par with the $440 million the company's New York-based law firm Weil Gotshal received from the notorious Lehman Brothers bankruptcy in 2008.

by Brayden Lindrea
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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