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

The legal professionals and consulting corporations helping cryptocurrency alternate FTX by way of 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 in accordance with a number of court docket filings between April 28 and Could 2.

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

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

Sullivan & Cromwell billed FTX $14.1 million for March. Supply: Kroll

Companions on the agency took residence $2,165 per hour whereas paralegals and authorized analysts had 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 1000’s 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.

Alvarez & Marsal invoiced FTX $13.8 million for March. Supply: Kroll

Fellow regulation 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 court docket 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 firm information for chapter

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 buying and selling platform as early as April 2024.

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