The army of professionals working on the ftx_official bankruptcy case billed close to $40 million for their services in January. thesamreynolds reports
In early February, Sullivan & Cromwellfor the first 19 days of bankruptcy work after FTX filed in November.
The majority of billed time for Quinn Emanuel Urquhart & Sullivan was spent on Asset Analysis and Recovery as well as Avoidance Action – legalese forFor Landis Rath & Cobb, a significant amount of time was billed for hearings, litigation, and asset disposition.Investment bank Perella Weinberg Partners billed $450,000 , and court documents show it spent a significant amount of time on developing a restructuring strategy as well as correspondence with third parties.
According to its billing breakdown, the bank spent a large amount of time working on the sale of FTX assets LedgerX and FTX Japan. In January, a bankruptcy judgeAlvarez & Marsal billed $12.3 million, the second largest charge for the month behind Sullivan & Cromwell. Some of the largest items it billed for were Avoidance Actions, at 3,370 hours, financial analysis, at 1,168 hours, and accounting at 1,106 hours., interim CEO John J.
Ray, who oversaw the liquidation of Enron and Nortel Networks, called the FTX situation “unprecedented” and something he had never seen in his career.
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