FTX Bankruptcy: $32.5M in Lawyers‘ Fees, $305K for CEO

• FTX’s bankruptcy proceedings in February totaled $32.5 million, excluding CEO John J. Ray III’s $305,000 payment.
• The law firms Quinn Emanuel Urquhart and Sullivan, Alvarez and Marsal, and Sullivan & Cromwell accounted for the majority of the fees.
• FTX additionally paid investment banking firm Perella Weinberg Partners and bankruptcy co-council Landis Rath and Cobb in February.

FTX’s Bankruptcy Proceedings

In February, FTX’s bankruptcy proceedings totaled 32.5 million USD excluding current CEO John J. Ray III’s $305,000 payment. According to court filings between 4 – 10 April, during the month of February, the fees of law firms involved in FTX’s bankruptcy proceedings totaled around $32.5 million.

Quinn Emanuel Urquhart & Sullivan

The law firm Quinn Emanuel Urquhart and Sullivan sought over $2.7 million in reimbursements for February with partners charging between $1,246 and $1,917 per hour while associates charged between $747 and $1,183 per hour with a total number of hours billed being nearly 2,610.

Alvarez & Marsal & Alix Partners

The law firm Alvarez and Marsal disclosed their February fee statement totaling more than $11.9 million while forensic investigation consultant Alix Partners revealed theirs to be around 3.6 million USD for the same period .

Sullivan & Cromwell

Law firm Sullivan and Cromwell demanded the highest amount as they presented a bill of 13.4 million dollars to FTX .

Other Reimbursements

Additionally ,in February FTX paid investment banking firm Perella Weinberg Partners 77 891 USD along with 582 604 USD for bankruptcy co-council Landis Rath and Cobb . Moreover restructuring chief John J Ray III was paid 1 300 per hour amounting to 305 000 USD for his services in that month .