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SBF: FTX's Biggest Mistake During Bankruptcy Was Giving Control to New Management
Summary: According to Cointelegraph, SBF stated in an interview with 'Mother Jones' on Friday that his biggest mistake during the $8 billion bankruptcy was handing over control of the company to new management - a decision he claims cost him the chance to save the company at the last minute. SBF mentioned that minutes after signing ...
According to Cointelegraph, SBF stated in an interview with 'Mother Jones' on Friday that his biggest mistake during the $8 billion bankruptcy was handing over control of the company to new management - a decision he claims cost him the chance to save the company at the last minute.
SBF mentioned that minutes after signing the control transfer agreement, he received a call indicating potential external investment that could have saved the company from bankruptcy, but it was too late to revoke the signature at that point.
Reportedly, two days before FTX filed for bankruptcy protection on November 9, lawyer Andrew Dietderich from Sullivan & Cromwell (S&C) law firm sent an email to SBF proposing a plan to hire Ray as the Chief Restructuring Officer. After being appointed as the new CEO, Ray filed for Chapter 11 bankruptcy on November 11, 2022, and engaged S&C law firm to provide legal assistance during the litigation process.
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Link: SBF: FTX's Biggest Mistake During Bankruptcy Was Giving Control to New Management [Copy]
