Former SEC Official John Reed Stark has reasons to think that the FTX reorganization plan might be a means to get richer for the legal team behind the bankruptcy process.
FTX Reorganization Plans Unnecessary
According to the ex-SEC veteran, every FTX customer deserves a “Thank You” note from members of the defunct exchange’s legal bankruptcy team. His sarcastic statement was a result of the exorbitant profit made off of FTX during its bankruptcy proceedings. Much more, Stark stated that each member of the team can now probably afford to buy a new beach house in 2024.
For context, Stark claimed that he had earlier predicted that the Chapter 11 FTX reorganization plan was never going to happen. He compared reorganizing FTX to attempting to “reorganize a cross between Murder Incorporated, The Cali Drug Cartel and Madoff Investment Advisory Services.” To this end, he probably did not think investing in the legal team was necessary.
FTX Goes Chapter 7 — and FTX Bankruptcy Lawy
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