“We do not need sufficient cash to pay again all of our collectors and the U.S. Trustee … says that we should always spend tens and even a whole lot of thousands and thousands of {dollars}” on a report, James Bromley of FTX’s regulation agency Sullivan & Cromwell mentioned. There may be “no proof that any of these professionals or this examiner to be appointed could be any extra impartial” than the corporate’s personal workers and employed consultants, Bromley added. FTX’s new chief govt John J Ray III had beforehand cited $90-100 million as a typical value for an examiner’s report, based mostly on his expertise working with corporations akin to Enron.
