FTX Hearing Somewhat-Live Tweets!
OK let's get everyone caught up...
There was a motion made on an emergency basis to adjourn the hearing on S&C's retention on account of the recently-filed Friedberg declaration.
Bromley for S&C says it's @SBF_FTX pulling the strings! Sorry, what?!
There was a motion made on an emergency basis to adjourn the hearing on S&C's retention on account of the recently-filed Friedberg declaration.
Bromley for S&C says it's @SBF_FTX pulling the strings! Sorry, what?!
As predicted, Dorsey rules against the emergency motion to adjourn and we're going forward with a hearing on the Debtors' application for the retention of S&C.
I guess *predicted,* because that was just me to me prior to my head hitting the pillow earlier this morning.
I won't say much but I'll say this: if you want to make a move like this, you have to make it 100% properly.
Here, while incendiary, the dec was too little too late.
I won't say much but I'll say this: if you want to make a move like this, you have to make it 100% properly.
Here, while incendiary, the dec was too little too late.
S&C moving along through their reasons why they should be retained. It's what you'd expect.
Now counsel for Warren Winter, first up, objecting to the retention...
Now counsel for Warren Winter, first up, objecting to the retention...
I'll spare you guys the boring details. There's these cases, but they're not precedent in the 3d cir. Also, distinct facts.
Long story short, I think we're going to get a ruling for the Debtors.
Court's in a 30 min recess. Ruling once we're back.
Long story short, I think we're going to get a ruling for the Debtors.
Court's in a 30 min recess. Ruling once we're back.
I guess while we're in recess, check out a thing I wrote about the circumstances leading up to today...
linkedin.com/pulse/ftx-chap…
#ftx #FTXbankruptcy @SBF_FTX
linkedin.com/pulse/ftx-chap…
#ftx #FTXbankruptcy @SBF_FTX
Also, something worth mentioning: retention does not equal release of claims.
While I expect the Court to rule in favor of the Debtors, this doesn't mean the mess is gone w/r/t/ S&C's pre-petition conduct.
While I expect the Court to rule in favor of the Debtors, this doesn't mean the mess is gone w/r/t/ S&C's pre-petition conduct.
And we're back!
Retention of S&C is approved. Rationale coming momentarily...
The Court: There's no evidence of actual conflicts. Even if there might be conflicts, that's why conflicts counsel are here.
Unsurprising.
Unsurprising.
Ok wow, on the creditor matrix (status conf), they've identified 9.7 million creditors? Jesus H.
In any case, they've managed to put a cred matrix together and will file. Redacted on the docket, unredacted under seal, with copies to UST, OCUC.
In any case, they've managed to put a cred matrix together and will file. Redacted on the docket, unredacted under seal, with copies to UST, OCUC.
And that's all for today. I'll do some reactions / general thoughts later. Maybe here, maybe on LinkedIn.
@threadreaderapp unroll plz.
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