Over the first quarter, the law firms and consulting companies helping cryptocurrency exchange FTX through its bankruptcy proceedings are expected to receive a combined $103 million.
According to various court documents, between April 28 and May 2, five companies—Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan, and Landis Rath & Cobb—billed FTX a total of $36.4 million in March.
The March billing totals were higher than the $34.2 million and $32.5 million of January and February, respectively.
The largest payment was to the New York-based legal firm Sullivan & Cromwell, which added $14.1 million in fees and expenditures for March to $44.4 million for the first quarter. The firm’s partners earned $2,165 per hour, while paralegals and legal analysts received $425 and $595, respectively, for their work.
Alvarez & Marsal, a consulting company, was billed more than $13.8 million in March for the tens of thousands of hours spent on avoidance measures, financial analyses, and accounting processes.
The company, FTX’s restructuring counselor since Sam Bankman-Fried’s old empire filed for bankruptcy on November 11, received its third consecutive invoice of more than $10 million.
Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb, two related legal firms, charged FTX $3.19 million and $644,000 in March for totals of $7.3 million and $1.9 million, respectively, throughout the first three months.
As FTX’s special counsel, Landis Rath & Cobb has spent most of its time in court, participating in hearings and going through litigation processes. The FTX case has been given to over 180 attorneys from Sullivan & Cromwell, Quinn Emmanuel Urquhart & Sullivan, and Landis Rath & Cobb.
AlixPartners, a forensics consulting company, billed its biggest charge in March for $4.51 million, totaling $10.2 million for the quarter, for the company’s efforts in examining tokens and decentralized financial products in FTX’s possession. FTX has had a very difficult six months, but it hasn’t yet placed the last nail in the coffin. The legal team for FTX is considering a possible resurrection of the trading platform as early as April 2024 after $7.3 billion in assets were retrieved.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://bitcoinworld.co.in/ftx-advisors-billed-the-bankrupt-firm-for-a-whopping-103m-in-q1/
- :has
- :is
- $10 million
- $3
- 000
- 1
- 11
- 2024
- 28
- 8
- 9
- a
- About
- Accounting
- added
- advisors
- After
- AI
- alvarez
- among
- Analysts
- and
- April
- April 2024
- ARE
- artificial
- artificial intelligence
- Artificial intelligence (AI)
- AS
- Assets
- bankrupt
- Bankruptcy
- bankruptcy proceedings
- been
- berlin
- between
- Biggest
- billing
- Billion
- Bitcoinworld
- bring
- but
- case
- Category
- CBDCs
- charge
- charged
- CO
- combined
- Companies
- company
- Company’s
- consecutive
- considering
- consulting
- counsel
- Court
- creditors
- crypto
- cryptocurrency
- Cryptocurrency Exchange
- decentralized
- difficult
- documents
- Early
- earned
- efforts
- emerging
- Empire
- entities
- Ether (ETH)
- Examining
- exchange
- expected
- Eyes
- far
- February
- Fees
- financial
- financial products
- financial system
- Firm
- firms
- First
- For
- forensics
- from
- FTX
- given
- going
- had
- helping
- higher
- hour
- HOURS
- HTTPS
- in
- Intelligence
- into
- IT
- ITS
- January
- largest
- Last
- Law
- law firms
- Legal
- legal team
- Litigation
- March
- May..
- measures
- Merge
- million
- months
- more
- most
- New
- New York-Based
- November
- of
- Old
- on
- over
- paris
- participating
- partners
- payment
- platform
- plato
- Plato Data Intelligence
- PlatoData
- possession
- possible
- Proceedings
- processes
- Products
- Q1
- Quarter
- receive
- received
- recession
- related
- respectively
- restructuring
- ROW
- Sam
- since
- SIX
- Six months
- special
- spent
- Sullivan
- system
- TAG
- team
- than
- The
- the Law
- their
- Third
- thousands
- three
- Through
- throughout
- time
- to
- Tokens
- Total
- Trading
- Trading Platform
- two
- unknown
- various
- very
- was
- were
- which
- while
- Work
- yet
- zephyrnet