Feb 16, 2023
Judge Dorsey Denies Motion for Independent Examiner in FTX Bankruptcy Case
John Dorsey, a judge with the United States Bankruptcy Court for the District of Delaware, recently denied a motion to appoint an independent examiner for FTX. In a Feb. 15 hearing, Dorsey argued that appointing an examiner would be an “unnecessary burden” on FTX’s debtors and creditors, citing the additional expense.
The judge noted that the cost of the examination, given the scope suggested by the Trustee at the hearing, would likely exceed one hundred million dollars. He concluded that the appointment of an examiner would not be in the best interest of FTX’s creditors.
“Every dollar spent in these cases on administrative expenses is a dollar less to the creditors,” said Dorsey.
He then addressed CEO John Ray’s experience in taking over other companies in dire financial condition, and his decision to appoint four directors to oversee the silos compromising FTX following the removal of previous leadership — some of whom, including former CEO Sam Bankman-Fried, have been indicted in federal court. Dorsey ruled that Ray was “completely independent of prior management and the companies he was appointed to lead.”
The motion to appoint an independent examiner was filed 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 independent investigations 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 in November 2022, and debtors in the case recently filed that they had issued subpoenas to FTX insiders, including Bankman-Fried, ordering the former executives to turn over certain documents and information.
The crypto and web3 space has seen a surge in NFTs and NFT marketing in recent years. As the popularity of NFTs continues to rise, many companies are looking for ways to promote their NFTs. One of the most popular methods of NFT promotion is through Twitter, and many companies are now turning to NFT marketing agencies to help them with their NFT campaigns.
NFT marketing agencies specialize in creating and executing NFT marketing strategies that maximize the reach and engagement of NFTs. They use a variety of tactics, from influencer marketing to targeted advertising, to ensure that their clients’ NFTs get the attention they deserve. In addition, these agencies also provide advice on how to best price and sell NFTs, as well as provide guidance on how to best promote NFTs on social media platforms.
For those looking to get into the NFT space, or those who are already selling NFTs, working with an NFT marketing agency can be a great way to ensure that their NFTs reach the right audience and get the attention they deserve. With the right marketing strategy, companies can generate more sales and revenue from their NFTs, as well as build brand recognition and trust.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
