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> "John Ray and S&C were both lawyers and/or administrators for the estate, which paid out roughly $700m in legal fees" There is a lesson here to future entrep
by mcculley 4y ago
> "John Ray and S&C were both lawyers and/or administrators for the estate, which paid out roughly $700m in legal fees"
There is a lesson here to future entrepreneurs. There is often a lot more money in the long term for those doing the boring work of cleaning up messes than for those building paper wealth and spending it on football sponsorships and other branding.
- z2 4y agoIndeed! There's an entire industry of litigation consulting that exists often for this very purpose. Lawyers and consultants made about $6 billion in revenues over the course of Lehman Brothers' decade-long fallout and unwinding all of the liabilities. The same industry probably made a similar amount on the opposing side as well, representing the debtholders. Very complicated and tedious work, and thus it gets rewarded.
- anonymoushn 4y agoSBF stole 90c on the dollar from customers. John Ray and S&C will spend much more time and effort to pay themselves the remaining 10c.
- mcculley 4y agoHow much will SBF have in the end? It seems John Ray will end up richer than SBF.
- 55555 4y agoIt's slimy work, though. Basically a second set of scammers that swoop in after the first.
- mcculley 4y agoHow so? I have worked with accountants who serve in the role of receiver for bankrupt companies. They do not seem slimy to me.