2 years ago
FTX lawyers Sullivan & Cromwell (S&C) charged the bankrupt speech $7.5 cardinal for its enactment betwixt Nov. 12 till Nov. 30, 2022, according to a Feb. 7 tribunal filing.
The instrumentality steadfast said the charges correspond 80% of an actual “reasonable and necessary” compensation of $9.5 million. It added that it incurred further expenses of $105,053 for its enactment during the period.
According to the filing, implicit 150 employees spent 6,561 hours moving connected the FTX bankruptcy case. The slightest FTX was billed was $550 per hr for an S&C employee, portion partners charged rates arsenic precocious arsenic $2,165 per hour.
S&C noted that the charges for much elder unit were astatine a discount compared to fees nether its modular billing procedures. It added that:
“The services performed by S&C during the Fee Period correspond 1 of the astir complicated, multi-disciplinary exercises by immoderate instrumentality firm.”
FTX laminitis Sam Bankman-Fried antecedently accused the steadfast of pressuring him to record for bankruptcy due to the fact that of the fees it stood to earn. Four U.S. lawmakers besides objected to its appointment, citing a struggle of involvement implicit its erstwhile narration with the bankrupt firm.
However, FTX’s CEO, John Ray, defended the instrumentality firm, saying its services were indispensable to safeguard the champion involvement of FTX and its stakeholders.
The station FTX lawyers record $7.5M invoice for November services appeared archetypal connected CryptoSlate.
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