{"id":28408,"date":"2023-05-02T22:14:02","date_gmt":"2023-05-03T05:14:02","guid":{"rendered":"https:\/\/coinnetworknews.com\/ftx-advisors-billed-the-bankrupt-firm-for-a-whopping-103m-in-q1\/"},"modified":"2023-05-02T22:14:02","modified_gmt":"2023-05-03T05:14:02","slug":"ftx-advisors-billed-the-bankrupt-firm-for-a-whopping-103m-in-q1","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/ftx-advisors-billed-the-bankrupt-firm-for-a-whopping-103m-in-q1\/","title":{"rendered":"FTX advisors billed the bankrupt firm for a whopping $103M in Q1"},"content":{"rendered":"
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The lawyers and consulting firms assisting cryptocurrency exchange FTX<\/a> through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter.<\/p>\n

March saw five firms \u2014 Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb \u2014 bill FTX a combined $36.4 million according<\/a> to several court filings between April 28 and May 2.<\/p>\n

The invoices from March were slightly higher than January and February\u2019s figures of $34.2 million<\/a> and $32.5 million<\/a> respectively.<\/p>\n

New York-based law firm Sullivan & Cromwell again walked away with the biggest paycheck, billing $14.1 million in fees and expenses for March, adding to a total of $44.4 million over the first quarter.<\/p>\n

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Sullivan & Cromwell billed FTX $14.1 million for March. Source: Kroll <\/em><\/figcaption><\/figure>\n

Partners at the firm took home $2,165 per hour while paralegals and legal analysts were paid $425 and $595 per hour for their contributions.<\/p>\n

Consulting firm Alvarez & Marsal came in next, invoicing over $13.8 million in March for the tens of thousands of hours it collectively committed to avoidance actions, financial analysis and accounting procedures.<\/p>\n

It was the third successive billing of over $10 million for the firm, which has served as FTX\u2019s restructuring advisor since Sam Bankman-Fried\u2019s former empire filed for bankruptcy on Nov. 11.<\/p>\n

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Alvarez & Marsal invoiced FTX $13.8 million for March. Source: Kroll <\/em><\/figcaption><\/figure>\n

Fellow law firms Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb respectively billed FTX $3.19 million and $644,000 in March for respective totals of $7.3 million and $1.9 million over the first quarter.<\/p>\n

As Landis Rath & Cobb serve as FTX\u2019s special counsel, the firm has spent most of its hours in the courtroom attending court hearings and undergoing litigation procedures. <\/p>\n

Over 180 lawyers from Sullivan & Cromwell, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb have been assigned to work on the FTX case.<\/p>\n

Related: <\/em><\/strong>Sam Bankman-Fried\u2019s holding company files for bankruptcy<\/em><\/strong><\/a><\/p>\n

Forensics consulting firm AlixPartners invoiced its largest bill at $4.51 million in March, totaling $10.2 million over the quarter for the firm\u2019s work in analyzing decentralized finance products and tokens in FTX\u2019s possession.<\/p>\n

Despite a severely troubled six months, FTX hasn\u2019t put the nail in the coffin yet.<\/p>\n

With $7.3 billion in assets recovered FTX\u2019s legal team is eyeing a potential reboot of the trading platform as early as April 2024<\/a>.<\/p>\n

Magazine:<\/em><\/strong> Unstablecoins: Depegging, bank runs and other risks loom<\/em><\/strong><\/a><\/p>\n