Feb 16, 2023
Judge Dorsey Denies Motion to Appoint Examiner in FTX Bankruptcy Case
John Dorsey, a judge of the United States Bankruptcy Court for the District of Delaware, has denied a motion to appoint an independent examiner for FTX. During a Feb. 15 hearing, Judge Dorsey said that due to the cost of the examination, which could potentially exceed one hundred million dollars, appointing an examiner would be an “unnecessary burden” on FTX’s debtors and creditors.
“Every dollar spent in these cases on administrative expenses is a dollar less to the creditors,” Dorsey said.
The judge also noted CEO John Ray’s experience 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. The judge ruled that Ray was “completely independent of prior management and the companies he was appointed to lead.”
This ruling came in response to a Dec. 1 motion from U.S. Trustee Andrew Vara, who argued that an examiner was “unquestionably in the interests of the Debtors’ creditors.” The motion also suggested 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 has been in the midst of bankruptcy proceedings since filing for Chapter 11 in November 2022. 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.
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