Sam Bankman-Fried (SBF) debacle with FTX (1 Viewer)

[bigbottom]

S&C charges that rate for all their first years? That is patently absurd. No first year lawyer is worth that rate, but if you want to hire the biggest of the big guns, I guess you have to be willing to get fleeced.

 

[The Z Machine]

Looking at the FTX BK fee applications for the month of December and see FTX lead bankruptcy counsel - Sullivan & Cromwell - billed $15,407,509.50 in fees and $134,311.31 in expenses for December alone. 2022 law grads (admission "in process") at Sullivan & Cromwell are billed at $775/hr. Associates admitted in 2017 are at $1,440/hr. It looks like partners top out at $2,165.00/hr. One partner billed 342.20 hours in December, earning $740,863.00 in fees for one month by himself. At least a dozen more lawyers at the firm billed in the $300k-$600k range for December alone. They bill at 50% for "non-working travel" so for example one guy bills $1,083.00/hr while he's on a plane or a train ride but not working. Non-lawyer paralegals are billed at $595/hr.

S&C are just one of a dozen or so law firms billing the estate for legal services, in addition to the dozens of other professional firms billing the estate - investment banks, turnaround consultants, accounting firms, auditors, forensic firms, and other professionals.

I'll do it for half that.

 

[Sand]

One partner billed 342.20 hours in December

Good work-life balance there.

Strike while the iron is hot.

 

[CletiusMaximus]

One partner billed 342.20 hours in December

Good work-life balance there.

Well if I could generate $740,863.00 in one month I could take the next six months off and still be working on a great year. But something tells me this guy probably doesn’t take many vacations.

 

[thecatch]

One partner billed 342.20 hours in December

Good work-life balance there.

Strike while the iron is hot.

A discussion for another thread perhaps, but I think that kind of billing is per se unethical or close to it. No way that partner is giving legal services worth $2500/hr past the 250 hour mark or so.

 

[fatness]

SBF was bribing China to unfreeze his accounts.
https://lawandcrime.com/live-trials...-40m-in-crypto-to-unfreeze-his-accounts-feds/

 

[fruity pebbles]

So it’ll essentially be the people who had money tied up in FTX who will end up paying those lawyers fees correct?

 

[Todem]

This keeps getting better and better.

 

[John123]

So how many years until this guy goes on trial?

 

[massraider]

SBF was bribing China to unfreeze his accounts.
https://lawandcrime.com/live-trials...-40m-in-crypto-to-unfreeze-his-accounts-feds/

I assumed this was related to the current mess, but no, this happened in 2021.

With the details in there, this sounds like his FTX cronies are squealing as loud as possible. BIg ups to the Chinese official who made 40 mill in one bribe.

 

[CletiusMaximus]

Michael Lewis' book to be released Oct. 3

Going Infinite - The Rise and Fall of a New Tycoon

 

[Encyclopedia Brown]

Bail revoked for witness tampering: https://news.yahoo.com/ftx-founder-sam-bankman-fried-040730213.html

 

[General Malaise]

Bail revoked for witness tampering: https://news.yahoo.com/ftx-founder-sam-bankman-fried-040730213.html

This guy cannot get out of his own way.

 

[Encyclopedia Brown]

This guy cannot get out of his own way

He leaked the private letters of his ex-girlfriend in an attempt to portray her as Glenn Close in Fatal Attraction, but what the letters showed was a heartbroken young girl trying to salvage a relationship with an arrogant, aloof, selfish, entitled jackass.

 

[John123]

Good. Should never have been granted bail in the first place.

 

[Desert_Power]

I'd be fine putting this guy under the jail

 

[Dinsy Ejotuz]

Bail revoked for witness tampering

Seems relevant.

 

[New Binky the Doormat]

glad to see it - this guy clearly believes he's above the law

very familiar to another court situation we have been reading a lot about.

 

[thecatch]

Wasn't someone in here defending the parents at some point? Oof.