The legal and consulting firms servicing collapsed FTX billed a total of $103 million for the first quarter of 2023. This is according to судебных документах.
Firms Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed $36.4 million for their services in March. In January this amount was $34.2 million, and in February — $32.5 million.
The New York-based law firm Sullivan & Cromwell received the largest payments, at $14.1 million for March and $44.4 million in total for the first three months of 2023.
Next came the consulting firm Alvarez & Marsal. In March the firm billed $13.8 million for tens of thousands of hours that employees devoted to financial analysis and accounting procedures.
Lawyers Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb in March billed $3.19 million and $0.644 million respectively, and in total for the first quarter — $7.3 million and $1.9 million.
In turn, the consulting firm AlixPartners received $4.51 million in March and $10.2 million for the first quarter. The firm was analysing DeFi products and tokens held by FTX.
In July, the exchange’s lawyers will unveil a plan for reorganisation with a possible resumption of trading on the platform.
According to the court presentation filed in March, the aggregate shortfall of FTX assets to cover client claims stood at $8.7 billion, in Bitcoin — $1.6 billion.