Word on who’s on the FTX bankruptcy?
Any word on who’s on the debtor / creditor sides of this deal? Just entered Ch 11. Interesting to see who wins the mandate for crypto space.
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Would think Moelis as they were debtor advisors for 3AC and voyager
Would make sense given their experience/platform but there is a chance they can't due to conflict of interest. Voyager's entire POR was predicated upon FTX buying it unfortunately.
definitely a heavily democrat firm. SBF was a HUGE dem donor and had a ton of liberal billionaries propping him up.
they will want their money back.
https://www.politico.com/news/2022/11/10/crypto-megadonor-sam-bankman-f…
It’s funny because Bloomberg was plastering his face on their news channel every other day and now they’re just tearing him to bits.
“Bloomberg’s revenge” sounds like the name of a pirate ship
Also curious. Not sure if they ever disclosed who advised their latest round of fundraising either.
Should be quite the hairy deal with all the crazy shit happening this week. They were apparently hacked tonight? Can’t keep up but smells like there’s more to the story. Saw their legal counsel on twitter posted about mysterious transfers of billions this evening
I would not want to be the associate / analyst running the model and liquidity analysis on this SOB. That person’s life just got f@cked like a New Orleans hooker at Mardi Gras
How would one go about conducting the liquidity analysis on FTX? Seems like a good portion is tied up in a bunch of thinly traded coins
I'd imagine whoever working on it hopefully has FIG experience since bank liquidation seems like a pretty niche skillset that maybe a handful of people have real experience in
Black scholes baby, option pricing for highly volatile assets
I would like to be the MD collecting the fee
There won’t be a fee after all the funds got “hacked”. Every user balance on FTX is literally $0 as of a few hours ago. And whoever this insider was, they’re trying to zero out the bank accounts associated with every FTX account as well: https://twitter.com/0xfoobar/status/1591534491830734849
Advisors always get paid due to priority status and court-mandate. RX 101 chief
Folowing
del because it did not answer question
Think that's the turnaround consultant, not financial advisor
The turnaround consulting often also plays the role of the financial advisor - not necessarily officially, but in practice. Been on an Rx with one of these big 3 turnaround firms.
PWP
Interesting how PWP still lands mandates and their entire team is at Ducera.
That was 6 years ago… they’ve landed some pretty big mandates the last few years.
PWP must be desperate to take this mandate on.
Are u dumb? This is one of the most high profile mandates in recent history…
Alveraz and Marshal and PWP are the FA's to the debtor.
I don't think the creditor side is determined yet.
Lead bank is all anyone cares about lol
You obviosuly have no idea what you're talking about. There is no syndicate of banks in a resturcturing transaction. In the vast majority of cases there is only one investment banker on the transaction (debtor side). A&M is a rx consulting firm, not a bank. Even on the creditor side (where multiple creditor groups can form) they typically hire just 1 banker for each group.
You have the bankruptcy lawyers, the rx banker and the rx consulting firm. FA = financial advisor, which is a term used interchangably between rx bankers and consultants.
Think he's saying nobody cares about the turnaround consultant... which is true. Nobody does lol
It's not as simple as just making a decision to either liquidate or reorg. Some assets (subsidiaries) will be sold and others will be reorganized as they have value. The idea is to put forth a plan that will maximize recovery for creditors. If you really want to follow the case, you should read the public court filings.
https://www.prnewswire.com/news-releases/ftx-launches-strategic-review-…
https://cases.ra.kroll.com/FTX/Home-DocketInfo
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