FTX's bankruptcy process could be vastly more expensive than Enron's dollar-for-dollar. Is there a good reason for that? davidzmorris writes. Opinion for The Node newsletter.
, a lawyer tasked with overseeing the expense of the restructuring. In that report, Stadler recommended some cost reductions, but largely described the outsized costs as appropriate to the complexity of the situation.
And while management of FTX was notoriously chaotic, Enron’s fraud revolved around comparable complexity: the creation of hundreds of spinoffs, intentionally hard to track and meant to conceal corporate debt, even from Enron's own auditors.‘Frivolous’ – or just complex? SBF's chaotic approach to disposing of his customers’ money seems to have been improvised rather than strategic.
Most specifically, Sadler imposed negotiated reductions of 5%-10% in fee requests filed by both the law firm Sullivan & Cromwell, and the management consulting firm Alvarez & Marsal, on grounds including “excessive meeting attendance.”
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