March 2023

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed
Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

Millions Spent on FTX Lawyers and Calls for Staff Bonuses, as SBF Hints He May Want Trial Delayed

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Sam Bankman-Fried’s criminal trial might not be due to begin until later this year, but there’s no shortage of daily drama in the courtroom.

New details have emerged about how much money has been spent on legal services following FTX’s dramatic bankruptcy — as well as plans to pay millions of dollars in bonuses to key staff.

And if all that wasn’t enough, SBF’s legal team has indicated that October 2023 may be too soon for the trial to begin in Manhattan if the 30-year-old is to have enough time to prepare.

Let’s go through all of these developments in turn.

READ MORE: Everything We Know About the FTX Saga So Far

Documents filed in bankruptcy court show just how expensive bankruptcy proceedings can be.

Ever since FTX went under in November, law firms have been instructed to go through the exchange’s books with a fine tooth comb — all in the hope of uncovering the missing billions that are owed to customers. Meanwhile, new management has been brought

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March 13, 2023 by ATTORNEY

Alex Jones Wants to Get $520,000 a Year in New Bankruptcy Plan

  • Conspiracy theorist Alex Jones filed for bankruptcy, but he wants to be paid $520,000 per year.
  • His company proposed that it would make $30 million annually from selling dietary supplements.
  • It also said it would keep around $560,000 for “executive incentive” bonuses every year.

Alex Jones’ media company has proposed a bankruptcy plan that would still allow him to be paid $520,000 per year.

This plan would also see the far-right conspiracy theorist and podcaster paying less than 4% of what he owes the families of the Sandy Hook victims, over the next five years.

Jones owes around $1.5 billion to the relatives of the Sandy Hook shooting victims. They sued him after he called the 2012 massacre a hoax and said the families of 20 murdered children were crisis actors. 

Jones and his company, Free Speech Systems — which he fully owns — filed for bankruptcy separately in December and July, respectively.

As part of the bankruptcy proceedings, Free Speech Systems filed a reorganization proposal on Tuesday. In the proposal, the company said

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March 12, 2023 by ATTORNEY

Alex Jones would get $520,000 salary in bankruptcy plan after $1.5 billion lawsuit

Alex Jones’ media company has proposed a plan in its bankruptcy case to pay the conspiracy theorist $520,000 a year while leaving $7 million to $10 million annually to pay off creditors, including relatives of Sandy Hook shooting victims.

The Sandy Hook families won nearly $1.5 billion in lawsuits last year against the Infowars host, for his calling the 2012 shooting that killed 20 children and six educators in Newtown, Connecticut, a hoax perpetrated by crisis actors. The families also said they were harassed and threatened by Jones’ followers.

But it remains unclear how much money the Sandy Hook families will actually get from Jones and Infowars’ parent company, Free Speech Systems. Jones is appealing the verdicts and has said on his show that he has $2 million or less to his name.

Free Speech Systems, owned solely by Jones, filed a proposed reorganization plan Tuesday in its Chapter 11 bankruptcy case in Houston that predicts it will have $7 million to $10 million annually after expenses to pay creditors from 2023 to 2027. The judge in the case, which was filed last year, would determine who gets that money and how much.

A bankruptcy lawyer for Jones did not

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March 11, 2023 by ATTORNEY

Alex Jones would get $520,000 salary under bankruptcy plan

Alex Jones’ media company has proposed a plan in its bankruptcy case to pay the conspiracy theorist $520,000 a year while leaving $7 million to $10 million annually to pay off creditors, including relatives of Sandy Hook shooting victims.

The Sandy Hook families won nearly $1.5 billion in lawsuits last year against the Infowars host, for his calling the 2012 shooting that killed 20 children and six educators in Newtown, Connecticut, a hoax perpetrated by crisis actors. The families also said they were harassed and threatened by Jones’ followers.

But it remains unclear how much money the Sandy Hook families will actually get from Jones and Infowars’ parent company, Free Speech Systems. Jones is appealing the verdicts and has said on his show that he has $2 million or less to his name.

Free Speech Systems, owned solely by Jones, filed a proposed reorganization plan Tuesday in its Chapter 11 bankruptcy case in Houston that predicts it will have $7 million to $10 million annually after expenses to pay creditors from 2023 to 2027. The judge in the case, which was filed last year, would determine who gets that money and how much.

A bankruptcy lawyer for Jones did not

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March 10, 2023 by ATTORNEY

U.S. Supreme Court says bankruptcy can’t nix debts for others’ frauds

  • U.S. Supreme Court says debtors unaware of fraud cannot wipe out debts
  • Case concerned sale of San Francisco home with undisclosed defects

Feb 22 (Reuters) – The U.S. Supreme Court on Wednesday ruled that individuals cannot use the bankruptcy process to wipe out debts incurred through fraud even in instances when they were not the ones who personally deceived their creditors.

The high court unanimously rejected Kate Bartenwerfer’s bid to use bankruptcy to eliminate debts stemming from a home sale in San Francisco on the grounds that she was unaware of fraudulent omissions her husband made in selling their house.

She had sought to discharge a debt owed to the buyer, Kieran Buckley, who had sued Kate and David Bartenwerfer for selling him their house while withholding information about major defects, like a leaky roof and defective windows.

But conservative Justice Amy Coney Barrett said the bankruptcy code allows someone like Kate Bartenwerfer, who was unaware of the deceit, to still be held liable as the law “turns on how the money was obtained, not who committed fraud to obtain it.”

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She noted the bankruptcy code’s bar on debtors discharging debts for money “obtained

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March 5, 2023 by ATTORNEY
March 2023
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