John Jay Ray at the corpse of FTX is not having any of SBF's shit (
from to on 21 Mar 2024 11:26

As set forth more fully below, Mr. Bankman-Fried contends in his sentencing submission that, based on a mischaracterization of statements made in the Chapter 11 proceedings by representatives of the FTX debtors, the “harm to customers, lenders, and investors is zero,” because “[t]he money was there—not lost,” and that FTX was solvent at the time that the Chapter 11 petition was filed. As the lead professional of a very large team who has spent over a year stewarding the estate from a metaphorical dumpster fire to a debtor-in- possession approaching a confirmed plan of reorganization that will return substantial value to creditors, I can assure the Court that each of these statements is categorically, callously, and demonstrably false.


threaded - newest on 21 Mar 2024 12:17 next collapse

That 5th bullet point on page 5 is also remarkable on 21 Mar 2024 12:20 next collapse

in that shitawful Michael Lewis book, he spent the final chapter dumping as hard as possible on Ray, but it was incredibly obvious that Ray (a) was by far the best character in the book (b) had SBF’s number (massive crook) right from the start (c) was completely right about everything

like it’s not a book even to libgen, but if you do then the last chapter is the one worth reading just for Ray giving SBF both barrels on 22 Mar 2024 18:42 collapse

Amazing. Thank you for guiding me there.

The statements about payments of claims of customers and creditors in full is always caveated by the word “allowed” (see id. at 24). The expectation is that allowed claims will be paid in full if all of the hard work described above pays off (Id. at 24). The question remains, though, how one takes a filed claim and turns it into an allowed claim. One must first start at the total dollar amount of claims filed. That number is $23.6 quintillion dollars. (Id.). One quintillion is one billion billions. It is the number 1 followed by 18 zeros. The task of addressing filed claims and reducing them to their proper and “allowed” amount is monumental. Mr. Bankman-Fried assumes this is a breeze. He is wrong—very wrong. on 21 Mar 2024 16:06 next collapse

Sure who are you going to believe, a very large team who worked on this for a year? Or the FTX site which has ‘Boolean Are_Solvent = True;’? on 21 Mar 2024 16:25 next collapse

I appreciate that he specifies that the dumpster fire is, in fact, metaphorical. on 21 Mar 2024 20:57 collapse

There is nobody quite as cranky as the (relatively) regular person who has to clean up after the rich person’s mess. on 21 Mar 2024 23:24 collapse

he started off in the working class then was the kid who got into college, yes