{"id":13955,"date":"2024-05-31T13:03:03","date_gmt":"2024-05-31T10:03:03","guid":{"rendered":"https:\/\/forklog.com\/en\/legal-and-advisory-fees-in-ftx-bankruptcy-surpass-500-million\/"},"modified":"2024-05-31T13:03:03","modified_gmt":"2024-05-31T10:03:03","slug":"legal-and-advisory-fees-in-ftx-bankruptcy-surpass-500-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/legal-and-advisory-fees-in-ftx-bankruptcy-surpass-500-million\/","title":{"rendered":"Legal and Advisory Fees in FTX Bankruptcy Surpass $500 Million"},"content":{"rendered":"<p>Approved payments for consultants and lawyers involved in the FTX bankruptcy proceedings have exceeded $500 million, reports <a href=\"https:\/\/www.theblock.co\/post\/297664\/ftx-lawyers-and-advisors-charged-over-500-million-in-bankruptcy-process-so-far\">The Block<\/a>.<\/p>\n<p>In total, their requests amounted to over $700 million. However, some claims were reduced by 20%, and others were not approved.<\/p>\n<p>Leading the list is the law firm Sullivan &#038; Cromwell, with approved fees of $254 million (bills were submitted for $360 million).<\/p>\n<p>Financial consultant Alvarez &#038; Marsal earned $133 million.<\/p>\n<p>Other recipients of payments included forensic specialist AlixPartners, law firm Quinn Emanuel Urquhart &#038; Sullivan, investment banker Perella Weinberg Partners, and additional counsel Landis Rath &#038; Cobb. They collectively received $57 million in fees.<\/p>\n<p>Since the beginning of the process, FTX CEO John Ray III has requested $5.6 million at an hourly rate of $1300. Restructuring managers from RLKS Executive Solutions have billed a total of $26 million.<\/p>\n<p>Independent of the professionals serving the debtors, the Official Committee of Unsecured Creditors has requested funds to cover its expenses. Its lawyers and financial consultants expect $81 million in fees and $1.5 million for expenses.<\/p>\n<p>In early May, FTX presented a new compensation plan, under which 98% of investors would receive at least 118% of their claim amounts. Creditors criticized the proposal.<\/p>\n<p>Back in March, the founder of the exchange, Sam Bankman-Fried, was <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-sentenced-to-25-years-in-prison\">sentenced<\/a> to 25 years in prison. His lawyers <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-appeals-his-sentence\">appealed<\/a> the decision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approved payments for consultants and lawyers involved in the FTX bankruptcy proceedings have exceeded $500 million, reports The Block. In total, their requests amounted to over $700 million. However, some claims were reduced by 20%, and others were not approved. Leading the list is the law firm Sullivan &#038; Cromwell, with approved fees of $254 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1236],"class_list":["post-13955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"44","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13955"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13954"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}