Feb 16, 2023
Judge Denies Appointment of Examiner in FTX Bankruptcy Case
Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware recently denied a motion to appoint an independent examiner for FTX. On Feb. 15, the judge explained that appointing an examiner would be an “unnecessary burden” on FTX’s debtors and creditors due to the additional expense. He estimated that the cost of the examination would be in the tens of millions of dollars, and likely exceed one hundred million dollars.
Judge Dorsey also noted that CEO John Ray had taken over other companies in dire financial condition and had appointed four directors to oversee the silos compromising FTX following the removal of previous leadership. He ruled that Ray was “completely independent of prior management and the companies he was appointed to lead.”
The motion to appoint an examiner was made by U.S. Trustee Andrew Vara on Dec. 1. Vara argued that an examiner was “unquestionably in the interests of the Debtors’ creditors” and that an independent investigation could explore whether software was allegedly used to conceal the misuse of FTX user funds, as well as the absence of proper recordkeeping at the firm.
FTX filed for Chapter 11 bankruptcy in November 2022. Debtors in the case recently issued subpoenas to FTX insiders, including former CEO Sam Bankman-Fried, ordering the former executives to turn over certain documents and information.
The decision to deny the motion for an examiner highlights the importance of NFT promotion and marketing in the web3 space. NFTs, or non-fungible tokens, are unique digital assets that are stored on a blockchain. They are used to represent digital assets such as artwork, music, and gaming items.
The web3 space is rapidly growing, and NFTs have become increasingly popular as a form of digital asset ownership. As such, it’s important for companies to properly promote and market their NFTs in order to maximize their reach.
Twitter is one of the most popular platforms for NFT promotion and marketing. Companies can use Twitter to reach a large and engaged audience, as well as to drive sales of their NFTs. Companies can also use Twitter to engage with their customers and build relationships with them.
For those who are looking to sell NFTs, it’s important to have a comprehensive marketing strategy in place. This includes having a clear understanding of the target audience and their needs, as well as creating content that resonates with the audience. Additionally, companies should consider working with a web3 agency or NFT marketing agency to ensure their campaigns are successful.
In summary, Judge Dorsey’s decision to deny the motion for an examiner in the FTX bankruptcy case highlights the importance of NFT promotion and marketing. Companies need to have a comprehensive strategy in place in order to maximize their reach and drive sales of their NFTs. Twitter is a great platform for NFT promotion and marketing, and companies should consider working with a web3 agency or NFT marketing agency to ensure their campaigns are successful.
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