Have you heard about FTX's bankruptcy case? It seems that the reimbursement expenses for their legal team are just as exorbitant in February as they were the previous month. Can you believe that their lawyers and advisors pocketed a whopping $32.5 million in just one month?
A series of court filings from April 4 to April 10 detailed the monthly fee statements for February of the law firms involved with FTX’s bankruptcy proceedings. The figure didn’t even include the CEO's recompense for February, which came in at $305,000.
John J. Ray III, the restructuring chief and CEO, billed at a staggering $1,300 per hour and reported working almost 256 hours for the period of Mar. 1 to Mar. 31, which makes his fees an eye-watering $327,470. On top of that, he also incurred expenses for airfares, lodging, transport, meals, and other expenses, totaling $1,703.
The law firms involved in FTX's bankruptcy case also billed a considerable amount. For instance, the law firm Sullivan and Cromwell billed a total of over $13.4 million for their services in February, with their employees collectively spending over 12,000 hours working on FTX. Can you imagine that?
It's a tough pill to swallow for customers still waiting for recompense, as the bankruptcy is far from over. It's reported that Sullivan and Cromwell alone will reap hundreds of millions of dollars before the firm’s bankruptcy investigation wraps up.
All in all, it's a complex situation, and we'll have to wait and see how it all plays out.