7 months ago
Date: 23 Nov 2022 - 17:30
On Tuesday the attorneys representing FTX told the court that a substantial amount of assets have either been stolen or are missing and further stressed to the bankruptcy court that FTX executives left the lawyers James Bromley and Sullivan Cromwell with limited information. Bromley further likened the former FTX CEO Sam BankmanFrieds SBF crypto empire to his personal fiefdom and in the end the attorney said the emperor had no clothes.Bankruptcy Lawyers Outline FTXs Financial Issues Lawyer Says Case Is One of the Most 8216Difficult Collapses in the History of Corporate AmericaThe Delaware bankruptcy court heard from FTX lawyers James Bromley and Sullivan Cromwell on Tuesday and it seems FTXs financial records do not look good. According to court documents FTX has a cash balance of around 1.2 billion and this weekend a list of FTXs 50 top creditors show the entities are owed roughly 3.1 billion.However the list of the creditors at least for right now remains confidential and names are redacted. According to a report from the New York Times NYT roughly 500 individuals logged into the courts Zoom broadcast on Tuesday. At the hearing Bromley told the court that a substantial amount of assets have either been stolen or are missing from the FTX platform.The attorney remarked that lawyers understand many people that are looking to get their money back immediately and Bromley insists the team is working towards being able to do that. The attorneys had a lot of descriptions for FTX and Alameda Research executives and Bromley called SBFs empire his personal fiefdom that ended by showing the emperor had no clothes.Restructuring executives and lawyers are looking to bring order to disorder Bromley noted. FTX executives were also called inexperienced8221 and 8220unsophisticated individuals.8221 Bromleys statements echoed the commentary written by FTXs new CEO John Ray who said the FTX bankruptcy was worse than Enrons.Bromley also told the court that FTX suffered from cyberattacks referring to when FTXs wallets were hacked the day the company filed for bankruptcy protection. Bromley further mentioned that FTXs headquarters moved around a lot in regions like Berkeley California Hong Kong the Bahamas and Miami.However despite the constant moving FTX was effectively under the control of Mr. Bankman Bromley detailed. FTX lawyers also detailed that the Bahamasbased joint provisional liquidators have agreed to transfer the case to the district of Delaware. Overall Bromley said the FTX bankruptcy case represented 8220one of the most abrupt and difficult collapses in the history of corporate America.8221What do you think about the FTX bankruptcy case and the lawyers statements Let us know what you think about this subject in the comments section below.
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