The wind-up of crypto exchange FTX is set to be “very expensive by any measure” with professional fees already amounting to over $200 million, a court-appointed examiner said in a filing made on Tuesday.
Katherine Stadler, a bankruptcy attorney appointed in March to check fees, said lawyers and other professionals had already racked up nearly 35,000 billable hours, equivalent to four solid person-years of work, by the end of January.
While broadly content, Stadler called for some of the fees to be slashed, and she asked lead counsel Sullivan & Cromwell to reduce its $42 million bill by some $650,000, for deficiencies such as overstaffing, excessive meetings and vague paperwork.
‘Enforcement 40’ for 2020
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