Bankruptcy attorneys are making it rain while milking FTXs creditors. They’re shelling out a jaw-dropping $53,000 in legal and advisory fees every hour. That’s right, while the crypto exchange is belly-up, bankruptcy pros are making it rain to the tune of $1.3 million per day. 🤯
From August to October, the tab for these bankruptcy maestros hit a staggering $118.1 million. Do the math, and that’s about $53,300 every hour for 92 days straight.
- Alvarez and Marshall, a management consulting firm that bagged a cool $35.8 million for three months of work, leads the charge in this financial feeding frenzy.
- Sullivan & Cromwell is not far behind, raking in $31.8 million, with an hourly rate that could make your eyes water – $1,230 per hour.
- AlixPartners, a global consulting firm, pocketed $13.3 million for their forensic investigation services.
- Quinn Emanuel Urquhart & Sullivan didn’t miss out on the action either, billing $10.4 million.
- A bunch of smaller advisory firms collectively added over $26.8 million to the tab.
The numbers are so big that the court-appointed fee examiner pointed out “significant areas of concern” with the billings from the big guns like Sullivan & Cromwell and Alvarez & Marshall. The report called out top-heavy staffing, excessive meeting attendance, fees for non-working travel time, and some time entries that were as clear as mud.
As FTX’s bankruptcy drama unfolds, it’s becoming a gold mine for the legal and advisory world. 🌏