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FTX's Chapter 11 petitions and first day pleadings [pdf]

• mikecarlton 4y ago
  From the PDF: The guy handling the affairs describes his experience: "I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron)." Then states: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."
  • hotpotamus 4y ago
    It sounds a bit like the whole Billy Madison judge speech[0] doesn't it? Just missing the, "and may god have mercy on your soul" ending. [0]https://www.youtube.com/watch?v=5hfYJsQAhl0 https://www.youtube.com/watch?v=5hfYJsQAhl0
• boeingUH60 4y ago
  >Three loans by Alameda Research Ltd.: one to Mr. Bankman-Fried, of $1 billion; one to Mr. Singh, of $543 million; and one to Ryan Salame, of $55 million. So, the FTX executives were using customer deposits as their personal piggy bank...smh
  • kgwgk 4y ago
    SBF austere life style is expensive…