{"id":76987,"date":"2023-04-10T19:52:31","date_gmt":"2023-04-10T16:52:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76987"},"modified":"2025-09-10T20:37:29","modified_gmt":"2025-09-10T17:37:29","slug":"ftx-lawyers-bill-30-million-for-february","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-lawyers-bill-30-million-for-february\/","title":{"rendered":"FTX lawyers bill $30 million for February"},"content":{"rendered":"<p>FTX, which is undergoing <a href=\"https:\/\/u1f987.com\/en\/news\/how-the-collapse-of-ftx-and-alameda-research-will-affect-the-crypto-industry\">bankruptcy proceedings<\/a>, received invoices from lawyers and financial advisers for February. The total amount exceeded $30 million, <a href=\"https:\/\/www.theblock.co\/post\/225273\/ftx-bankruptcy-bills?utm_source=twitter&#038;utm_medium=social\">The Block<\/a> reports, citing the filing.<\/p>\n<p>According to the filings, fees were billed by Sullivan &#038; Cromwell, Landis Rath &#038; Cobb, AlixPartners, Perella Weinberg Partners, Alvarez &#038; Marsal North America and Owl Hill Advisory. These are fees and expense reimbursements.<\/p>\n<p>In total, six firms in February logged more than 35,400 hours. The largest bill was from Sullivan &#038; Cromwell \u2014 $13.5 million for 12,127 hours of work. An additional $82,000 is listed as expenses.<\/p>\n<p>The firm noted that its specialists examined the scope and character of clients&#8217; rights in the bankruptcy case, collected and organized corporate records, and also acted on behalf of FTX in matters <a href=\"https:\/\/u1f987.com\/en\/news\/voyager-digital-files-for-chapter-11-bankruptcy\">Voyager Digital<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius Network<\/a>.<\/p>\n<p>According to the publication, Sullivan &#038; Cromwell partners bill up to $2,165 per hour, while advisers and assistants have lower rates. In February, partner Bryan Glukstein billed the exchange $526,000 for his work.<\/p>\n<p>Other bills include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Alvarez &#038; Marsal North America \u2014 $12 million for 17,000 hours of work and $229,000 in expenses;<\/li>\n<li>Landis Rath and Cobb \u2014 $583,000 for 874 hours (+$11,000 for expense reimbursements);<\/li>\n<li>Perella Weinberg \u2014 $450,000 (+$78,000);<\/li>\n<li>AlixPartners \u2014 $3 million (+$5,000).<\/li>\n<li>Owl Hill Advisory \u2014 $308,000.<\/li>\n<\/ul>\n<p>Earlier involved in the bankruptcy, FTX lawyers <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-lawyers-fees-total-nearly-20-million\">estimated<\/a> their services at roughly $20 million. The largest amount was billed by Sullivan &#038; Cromwell \u2014 $9.5 million for work from November 12 to 30, 2022, as well as $105,000 for other expenses.<\/p>\n<p>In February <a href=\"https:\/\/u1f987.com\/en\/news\/john-ray-earned-690000-as-ftxs-new-ceo-over-two-months\">earned $690,000<\/a> for the period from November 11 to December 31, 2022.<\/p>\n<p>In late March, Forbes sources reported that FTX founder Sam Bankman-Fried directed funds from a gift <a href=\"https:\/\/u1f987.com\/en\/news\/media-sam-bankman-fried-paid-lawyers-fees-from-a-gift-to-his-father-funded-by-ftx-funds\">to his father<\/a>, which had been borrowed from the platform, to cover litigation costs.<\/p>\n<p>As reported in April, <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-flags-sbfs-team-failures-in-key-functions\">FTX did not have basic accounting<\/a> and financial controls and was run by a small group of individuals, said to be characterised by arrogance, incompetence and greed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX, undergoing bankruptcy proceedings, received invoices from lawyers and financial advisers for February. The total amount exceeded $30 million, The Block reports, citing the filing.<\/p>\n","protected":false},"author":1,"featured_media":76988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236],"class_list":["post-76987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76987","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=76987"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76987\/revisions"}],"predecessor-version":[{"id":76989,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76987\/revisions\/76989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76988"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}