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The bankruptcy filing called Sam Bankman-Fried (SBF) and the entire FTX team a complete failure of corporate management.
The latest bankruptcy filing accused SBF and his executives of failing to fully handle their corporate affairs.
FTX bankruptcy attorneys allege that SBF is actively trying to sabotage the entire bankruptcy process for various entities belonging to his company. SBF is currently battling lawyers and executives hired to handle the bankruptcy process, according to the new CEO and lead attorney.
lawyers filed an emergency petition To transfer the Bahamas Chapter 15 bankruptcy proceedings to the U.S. Bankruptcy Court in Delaware. The move is designed to ensure that various bankruptcy cases are handled in a single US court. His Adam Landis, partner at Landis, Roth & Cobb, said:
“These Chapter 11 cases are unprecedented in terms of Bankman-Fried’s fame, his unconventional leadership style, his constant destructive tweets since petition date, and the near-total lack of a credible corporate record. All debtors and Mr. Bankman-Fried, co-founder and controlling owner of FTX DM, are seeking to expand the scope of FTX DM proceedings in the Bahamas and to undermine these Chapter 11. It appears to support efforts by JPL to move cases and assets from debtors to Bahamian accounts under the control of the Bahamian government.
SBF and his team have been criticized for their complete lack of corporate treatment of their affairs. Chicago-based Attorney John J. Ray III Appointed CEO of FTX After the collapse It is currently processing bankruptcy filings, but has attacked the way SBF has treated the company. he wrote;
“Never in my career have I seen such a complete failure of corporate management and complete lack of reliable financial information as what happened here,” said Enron bankruptcy veteran Corporate Cleanup. Wray, an expert in This situation is unprecedented, up to the concentration of control in the hands of a very small group of people.
In this latest crypto news, Ray reveals that most of FTX’s books are not audited. Therefore, the information in the company’s books may not be accurate. He added that SBF is actively trying to undermine the bankruptcy proceedings, revealing that the former CEO no longer speaks for the company.
According to Alameda Research’s balance sheet, the hedge fund gave Bankman-Fried personal $1 billion, a company called Paper Bird Inc. with $2.3 billion, co-founder Nishad Singh with $543 million, and executives. I lent Ryan Salame $55 million.
