FTX Bankruptcy Lawyers Channel their Inner Sam Bankman-Fried |
2-11-23, * -- The shenanigans going on in Judge John Dorsey’s bankruptcy courtroom, which is overseeing the FTX bankruptcy proceedings of Sam Bankman-Fried’s collapsed crypto empire, are reaching levels that should be attracting the attention of federal prosecutors. The head of the newly-created FTX Task Force, U.S. Attorney for the Southern District of New York is Damien Williams [..] the lead counsel in the bankruptcy case, Sullivan & Cromwell, and its hand-picked CEO for FTX, John Ray, argued vehemently against the appointment. The independent examiner has been requested since Dec 1, 2022 by the U.S. Trustee, who works for the U.S. Dept of Justice. Sullivan & Cromwell law partner, James Bromley and Ray, cited the high cost likely to be charged by the independent examiner as one of their arguments against the appointment. However, on Tuesday, February 7, 2023 Sullivan & Cromwell submitted a compensation request for $7.6 million in legal fees for 19 days work in November 2022, plus $105,000 in expenses. As part of those expenses, Sullivan & Cromwell included a request to be reimbursed for $7,202.19 for “Conference Room Dining,” and $1,840.00 for “overtime” meals. Accentuating the increasingly tone deaf nature of this law firm, just a few months ago Sam Bankman-Fried was making headlines for spending $2500 on lavish lunches for himself and staff while his customers’ accounts were being looted. | Bromley, who was so concerned about the cost that might be incurred if an independent examiner was hired, billed at an hourly rate of $2,165 for a total of $381,689.50 in legal fees for the period of November 11 through November 30, 2022. Another Sullivan & Cromwell law partner, Andrew Dietderich, also billed at an hourly rate of $2,165 for a total of $465,042.00 over the same span of time. Sullivan & Cromwell’s $7.6 million in legal fees for 19 calendar days comes out to $400,000 per day. Annualized, that’s $146 million over the course of a year. The bankruptcy proceeding is expected to last as long as two years. Another law firm that has been hired to work on the FTX bankruptcy, ostensibly to handle legal work that Sullivan & Cromwell is too deeply conflicted to handle, is Quinn Emanuel Urquhart & Sullivan. For a span of 51 days ending on December 31, 2022, it requested legal fees of $1.2 million and a little over $4300 in expenses. There was zero request for repayment for meals. *Excerpted and adapted full original report here https://www.sgtreport.com/2023/02/ftx-bankruptcy-lawyers-channel-their-inner-sam-bankman-fried-bill-21000-for-their-meals-over-just-20-days/ |
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