Before filing for bankruptcy, FTX paid its lead lawyers over $12 million to oversee the earliest parts of its Chapter 11 bankruptcy proceedings.
According to court filings, the now-bankrupt cryptocurrency exchange FTC paid its lead lawyers, Sullivan & Cromwell LLP a retainer of over $12 million shortly before the firm filed for Chapter 11 bankruptcy. Sullivan & Cromwell indicated that it had drawn only a little more than $3 million of that, and that was for services rendered in the days leading up to the rushed bankruptcy filing according to reports by Bloomberg Law.
Sullivan & Cromwell is a firm headquartered in New York City that received this retainer from West Realm Shires Service Inc. on behalf of FTX for legal services the firm required.
Available information indicated that FTX paid at least $15.5 million to avail and retain the firm’s services. The court filing further revealed that the law firm currently holds $9 million of the retainer.
Developments in the FTX C
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