bankruptcy proceedings

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

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Sam Bankman-Fried’s criminal trial might not be due to begin until later this year, but there’s no shortage of daily drama in the courtroom.

New details have emerged about how much money has been spent on legal services following FTX’s dramatic bankruptcy — as well as plans to pay millions of dollars in bonuses to key staff.

And if all that wasn’t enough, SBF’s legal team has indicated that October 2023 may be too soon for the trial to begin in Manhattan if the 30-year-old is to have enough time to prepare.

Let’s go through all of these developments in turn.

READ MORE: Everything We Know About the FTX Saga So Far

Documents filed in bankruptcy court show just how expensive bankruptcy proceedings can be.

Ever since FTX went under in November, law firms have been instructed to go through the exchange’s books with a fine tooth comb — all in the hope of uncovering the missing billions that are owed to customers. Meanwhile, new management has been brought

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Alex Jones Wants to Get $520,000 a Year in New Bankruptcy Plan

  • Conspiracy theorist Alex Jones filed for bankruptcy, but he wants to be paid $520,000 per year.
  • His company proposed that it would make $30 million annually from selling dietary supplements.
  • It also said it would keep around $560,000 for “executive incentive” bonuses every year.

Alex Jones’ media company has proposed a bankruptcy plan that would still allow him to be paid $520,000 per year.

This plan would also see the far-right conspiracy theorist and podcaster paying less than 4% of what he owes the families of the Sandy Hook victims, over the next five years.

Jones owes around $1.5 billion to the relatives of the Sandy Hook shooting victims. They sued him after he called the 2012 massacre a hoax and said the families of 20 murdered children were crisis actors. 

Jones and his company, Free Speech Systems — which he fully owns — filed for bankruptcy separately in December and July, respectively.

As part of the bankruptcy proceedings, Free Speech Systems filed a reorganization proposal on Tuesday. In the proposal, the company said

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Texas, California, and New Jersey Join Call for Independent Examiner

A growing chorus of regulators wants an independent examiner appointed to review the financial statements, or lack thereof, in the FTX bankruptcy proceedings.

“Texas, among several other state and federal regulators, is currently investigating the Debtors and their related entities for violations in connection with their transaction of business in Texas and with Texas account holders,” wrote attorney Roma Desai on behalf of Texas Attorney General Ken Paxton.

The statement from the Texas attorney’s office follows similar motions from Wisconsin and Vermont regulators. The new court filing on Wednesday included letters of support from banking and securities officials in a handful of other states: Alaska; Arkansas; California; Florida; Hawaii; Idaho; Illinois; Kentucky; Maine, Maryland, New Hampshire, New Jersey, North Carolina, Oklahoma, Tennessee, and D.C..

If an examiner is appointed in the FTX case, it won’t be without some precedent.

Earlier this week the independent examiner who dug through bankrupt crypto lender Celsius released their 689-page report, concluding that problems at the company “dated back to at least 2020.”

The downfall of FTX

FTX and its related entities, including trading desk Alameda Research, filed for bankruptcy on November 11. Days later, newly appointed FTX CEO John Ray III,

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