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Search resuls for: "Dietrich Knauth Andrew Goudsward"


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☆ FTX defends choice of law firm to guide it through bankruptcy
  + stars: | 2023-01-20 | by ( Dietrich Knauth Andrew Goudsward | Dietrich Knauth | Andrew Goudsward | ) www.reuters.com   time to read: +3 min
Former top FTX attorney Daniel Friedberg also opposed Sullivan & Cromwell's hiring, saying Thursday that the law firm had conflicts of interest stemming from its connections to Miller. Sullivan & Cromwell has told the court it should not be disqualified simply because it performed some pre-bankruptcy work for FTX. A Sullivan & Cromwell spokesperson has said the firm had a "limited and largely transactional" relationship with FTX prior to the bankruptcy and never served as primary outside counsel to any FTX entity. Serving as primary bankruptcy counsel to FTX would likely allow Sullivan & Cromwell to reap hundreds of millions of dollars in fees, legal experts have said. FTX has sought bankruptcy court permission to pay top Sullivan & Cromwell attorneys more than $2,000 per hour.
☆ FTX could pay over $2,100 per hour for bankruptcy lawyers
  + stars: | 2022-12-22 | by ( Dietrich Knauth Andrew Goudsward | Dietrich Knauth | Andrew Goudsward | ) www.reuters.com   time to read: +2 min
[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. FTX declared bankruptcy on Nov. 11, collapsing amid a wave of customer withdrawals. New York-based law firm Sullivan & Cromwell is representing FTX in its Chapter 11 case and guiding its efforts to return assets to customers. Court-approved billing rates for bankruptcy attorneys did not cross the $2,000-per-hour mark until earlier this year, when a U.S. bankruptcy judge approved a $2,035-per-hour fee in the bankruptcy of cosmetics giant Revlon. Before FTX's bankruptcy, Sullivan & Cromwell represented the company in U.S. regulatory inquiries and on potential acquisitions, including its proposed acquisition of bankrupt crypto lender Voyager Digital.
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