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Odd Lots

Here Are the Wildest Parts of the New FTX Bankruptcy Filing

Never in my career have I seen such a complete failure of corporate controls...”

Lawyers for the bankrupt crypto exchange FTX filed today in Delaware, asking a federal judge to transfer to the state a competing bankruptcy case filed in New York by Bahamian liquidators.

The filing includes a sworn declaration by John J. Ray, who famously oversaw the liquidation of Enron Corp. and is now the acting CEO and chief restructuring officer for FTX following its sudden collapse last week. The so-called ‘First Day Motion’ is quite something.