Details of FTX First Bankruptcy Hearing

November 23, 2022

On day one of the bankruptcy hearing of FTX, the company's lawyers successfully transferred the case to Delaware.

FTX’s lawyers brought in to handle restructuring made an urgent filing last week to secure the move to the United States.

James Bromley, FTX counsel refers to this case as “What we are dealing with is a different sort of animal.”

Furthermore, it was added that “Unfortunately, the FTX debtors were not particularly well run, and that is an understatement.”

FTX attorney told the court that FTX was “effectively run as a personal fiefdom of Sam Bankman-Fried."

Bromley in the court said that the challenge for the new team is “working to bring order to disorder.” 

On November 11, FTX and its affiliates filed for bankruptcy after SBF resigned from his CEO position.