FTX CEO John J. Ray III was paid $1,575 an hour last month for his work overseeing the exchange’s bankruptcy, according to court documents filed Thursday.
From March 1 to March 31, Ray worked 231 hours and earned a total of $363,825. Ray’s duties included leading weekly calls and in-person board meetings as well as weekly calls and meetings to manage bankruptcy restructuring efforts, according to Staff Monthly. report.
“In addition, Mr. Ray will establish and maintain internal controls, address and manage employee and staff concerns, interact with management in Japan, Europe and other locations around the world, and work with cash, other assets and investments, data and systems. “Efforts have been made to manage the matter with respect to all debtors,” the filing reads. “Mr. Ray also provided oversight related to the Debtor’s public relations and communications plans.”
FTX collapsed in November 2022 owed It has over $8 billion worth of customers.
Ray, who helped sort out Enron’s corporate collapse a few years ago, has previously hinted that the FTX bankruptcy was worse than Enron’s. in filings After FTX’s downfall, Ray said, “I’ve never seen such a complete failure of corporate control.” And, as happened here, there was absolutely no reliable financial information.”
especially, Ray is the only professional working on behalf of debtors at his advisory firm, Owl Hill, once known as Greylock Partners.
anthropological work
Over the past month, Ray’s work has included providing guidance and reviewing documents for the AI company Anthropic, for which he was billed $4,252.50. Ray also reviewed draft complaints, claims status, and Japanese issues among his to-do list.
FTX is sale Last week, it acquired a two-thirds stake in Anthropic for $884 million, according to court documents.
Former FTX CEO Sam Bankman-Fried said: sentenced Last week, he was sentenced to 25 years in prison after being found guilty on seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, and several counts of conspiracy to commit securities and commodities fraud.
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