FTX – Bloomberg

I wrote on Monday that Ray “was hired as the CEO of FTX to put it into bankruptcy, to steer it through bankruptcy, and to maximize recovery for FTX’s customers and other creditors, and he has spent a lot of his time publishing gleeful reports about how bad everything at FTX is and how incompetent and criminal its former managers, led by former CEO Sam Bankman-Fried, were.” And I suggested that there might be some tension between publishing all those reports about FTX’s badness, and also trying to reopen it for business as though nothing bad had happened.

But, look, fair enough, if I ran S&C’s FTX team, I would staff an army of lawyers on Project Everything Is Fine and We’re Rebooting FTX As the World’s Leading Crypto Exchange, and I would staff an entirely separate army of lawyers on Project Dig Up Every Possible Item of Dirt About FTX to Prove It’s the Worst Company Ever, and I’d let them both work in parallel and see what pans out. And both of those teams would be separate from the core team on Project Just Find Out Where All the Assets Are and Liquidate Them to Pay Creditors. It’s fine! Plenty of lawyers, plenty of money, this is what you do.

Source: FTX – Bloomberg