- In February, FTX’s chapter proceedings totaled 32.5 million.
- This excluded present CEO John J. Ray III’s $305,000 fee.
In keeping with court filings between 4 – 10 April, through the month of February, the charges of regulation companies concerned in FTX’s chapter proceedings totaled round $32.5 million.
The regulation agency Quinn Emanuel Urquhart and Sullivan sought over $2.7 million in reimbursements for February. The agency’s companions charged between $1,246 and $1,917 per hour, whereas associates charged between $747 and $1,183 per hour.
The agency’s whole variety of hours billed was almost 2,610. The regulation agency Alvarez and Marsal and forensic investigation marketing consultant Alix Companions disclosed their February payment statements, which totaled greater than $11.9 million and $3.6 million, respectively.
Legislation agency Sullivan and Cromwell demanded the most important quantity, as they offered a invoice of $13.4 million. Moreover, in February, FTX paid funding banking agency Perella Weinberg Companions $77,891. Furthermore, they paid chapter co-council Landis Rath and Cobb $582,604 in the identical month.
FTX restructuring chief John J. Ray III paid $1,300 per hour
The determine of $32.5 million didn’t embody compensation for restructuring chief and present CEO John J. Ray III, who obtained $305,000 in February. Ray’s March remuneration was comparable, with a submitting displaying his whole charges and bills have been $329,173.
The FTX chief was paid $1,300 per hour and reportedly labored 255.9 hours for the interval of 1-31 March. Thus, Ray’s charges totaled $327,470, with the remaining $1,703 used for tickets, lodge, transportation, meals, and different bills.
Advisors and attorneys for the bankrupt alternate have been paid the same sum in January, with FTX paying $34.18 million for his or her mixed companies.
The charges, reimbursements, and expenditures paid by FTX to its legion of attorneys, associates, paralegals, accountants, investigators, administrators, and executives stay tough to swallow for purchasers who’ve but to be compensated.