FTX advisors billed the bankrupt agency for a whopping $103M in Q1

The legal professionals and consulting corporations helping cryptocurrency exchange FTX by its chapter proceedings are set to money in a complete of $103 million over the primary quarter.

March noticed 5 corporations — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — invoice FTX a mixed $36.4 million according to a number of courtroom filings between April 28 and Could 2.

The invoices from March have been barely larger than January and February’s figures of $34.2 million and $32.5 million respectively.

New York-based legislation agency Sullivan & Cromwell once more walked away with the largest paycheck, billing $14.1 million in charges and bills for March, including to a complete of $44.4 million over the primary quarter.

Companions on the agency took dwelling $2,165 per hour whereas paralegals and authorized analysts have been paid $425 and $595 per hour for his or her contributions.

Consulting agency Alvarez & Marsal got here in subsequent, invoicing over $13.8 million in March for the tens of hundreds of hours it collectively dedicated to avoidance actions, monetary evaluation and accounting procedures.

It was the third successive billing of over $10 million for the agency, which has served as FTX’s restructuring advisor since Sam Bankman-Fried’s former empire filed for chapter on Nov. 11.

Fellow legislation corporations 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 primary quarter.

As Landis Rath & Cobb function FTX’s particular counsel, the agency has spent most of its hours within the courtroom attending courtroom hearings and present process litigation procedures.

Over 180 legal professionals from Sullivan & Cromwell, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb have been assigned to work on the FTX case.

Associated: Sam Bankman-Fried’s holding company files for bankruptcy

Forensics consulting agency AlixPartners invoiced its largest invoice at $4.51 million in March, totaling $10.2 million over the quarter for the agency’s work in analyzing decentralized finance merchandise and tokens in FTX’s possession.

Regardless of a severely troubled six months, FTX hasn’t put the nail within the coffin but.

With $7.3 billion in belongings recovered FTX’s authorized crew is eyeing a possible reboot of the trading platform as early as April 2024.

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