“We do not have enough money to pay back all of our creditors and the U.S. Trustee … says that we should spend tens or even hundreds of millions of dollars” on a report, James Bromley of FTX’s law firm Sullivan & Cromwell said. There is “no evidence that any of those professionals or this examiner to be appointed would be any more independent” than the company’s own staff and hired experts, Bromley added. FTX’s new chief executive John J Ray III had previously cited $90-100 million as a typical cost for an examiner’s report, based on his experience working with companies such as Enron.
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