I smiled when I saw DaveF saying 12 million, then read the cost part and this ain't funny anymore:
Common, this is just crazy, an independent examiner that will look through the finances will cost more than FTX was spending on actually doing that accounting and management, in 2021 SBF claimed FTX had an operational cost of 50 million a quarter, now it's 100 million to verify that data?
Seems like some don't like how John Ray is closing in on those stashed away dollars and are trying as hard as possible to delay this, probably so that it won't interfere with the SBF trial, who knows??
Quote
According to estimates, current management claimed that expenses for an independent examiner could reach between $90 million and $100 million.
Common, this is just crazy, an independent examiner that will look through the finances will cost more than FTX was spending on actually doing that accounting and management, in 2021 SBF claimed FTX had an operational cost of 50 million a quarter, now it's 100 million to verify that data?
Seems like some don't like how John Ray is closing in on those stashed away dollars and are trying as hard as possible to delay this, probably so that it won't interfere with the SBF trial, who knows??
It's a lot but it's not like you and me digging through some blockchain data to find some things. Everything has to be documented in a way that the courts and lawyers can deal with. Be verified by others that it's accurate. Then you have to bring in other people to see if the funds could be clawed back and from where since this is bouncing between countries you now have a bunch of international finance people involved and people involved in international finance law. And so on..... $100 million is a lot until you figure out the number of people who are going to be working on the team with the independent examiner.
But if the CIO says I took those coins and put them there and those other coins and put them here it's a different story.
-Dave
