$7.5 million. That’s how much law firm Sullivan & Cromwell billed for work on the FTX_Official bankruptcy case in November — a period covering just 19 days. A total of more than 6,500 hours were worked, a filing said.
about the firm’s involvement. . They cited the fact that S&C did $8.5 million of work for the company in the 16 months prior to bankruptcy, and that its former partner Ryne Miller is now FTX general counsel.
John J. Ray III, who took over as chief executive officer on Nov. 11, has said S&C is a “one of the leading law firms in the world” in relevant areas and that retaining it is in the best interest of FTX and its stakeholders. The fee statement shows the drain that bankruptcy proceedings will represent on the estate of the corporate group as it seeks to reorganize and restore funds to creditors. That may prove especially complicated and costly if allegations concerning