FTX CEO fights to keep lawyers as calls for removal intensify

FTX CEO fights to keep lawyers as calls for removal intensify


The CEO of crypto exchange FTX has rejected calls for its law firm Sullivan & Cromwell to be replaced as lead counsel in its bankruptcy case. 

John J. Ray III, who was appointed as the new FTX CEO on Nov. 11, filed a court motion on Jan. 17, arguing that Sullivan & Cromwell has been integral in taking control over the “dumpster fire” that was handed to him.

Ray suggested that retaining their services is in the best interest of FTX creditors, arguing:

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“The advisors are not the villains in these cases. The villains are being pursued by the appropriate criminal authorities largely as a result of the information and support they are receiving at my direction from the Debtors’ advisors.”

The U.S. Trustee, Andrew R. Vara, had filed

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