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The FTX bankruptcy will now probably be converted to a straight liquidation. The current management has the fantasy that they can emerge from Chapter 11 reorganization as a going concern. Not likely. There's no ongoing business worth continuing.

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I doubt the new management actually believes they can reboot the company. They're just trying to drag things out as long as possible to extract as much money as they can. The new CEO is getting paid $1300/hr.

https://fortune.com/2022/11/21/new-ftx-ceo-john-ray-hired-cl...

Surely your attorneys double their fee every time you do an online post?

I doubt this is actually him but that would be funny

Well hello there

At least this saves a bunch of human hours that would've been spent untangling everything. Check gets cut to the US Treasury and that's a wrap.

It's unlikely that this will save much in the way of that, you still have to go through the bankruptcy proceedings, just now you also have the IRS digging through your things.

Liquidation is more straightforward than trying to keep the beast alive while you operate on it.

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