“We do not have enough money to pay back all of our creditors and the U.S. Trustee … says that we should spend tens or even hundreds of millions of dollars” on a report, said James Bromley of FTX’s law firm, Sullivan & Cromwell. There is “no evidence that any of those professionals or this examiner to be appointed would be any more independent” than the company’s own staff and hired experts, Bromley added. FTX’s new chief executive, John J Ray III, had previously cited $90 million to $100 million as a typical cost for an examiner’s report, based on his experience working with companies such as Enron.
Related posts
-
Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report
Cryptocurrency exchange and trading platform, Bybit has released a new report highlighting the impacts of the... -
QCP Capital and Further Ventures Announce Partnership for Abu Dhabi Crypto Expansion
“Abu Dhabi is unique because it has one of the most progressive regulatory frameworks in the... -
Crypto Exchange OKX Launches Proprietary New Ethereum Layer-2 Solution Called ‘X-Layer’
The crypto exchange OKX has launched the public mainnet of its new Ethereum (ETH) layer-2 (L2)...