Big development in FTX: The Cost Of Bankruptcy Is Astounding.

While FTX founder Sam Bankman-Fried's case ends pending appeal, FTX's bankruptcy continues. In the latest update from the FTX estate under CEO John Ray III, the company has transferred its remaining shares in Anthropic, the artificial intelligence startup behind chatbot Claude, according to the company's latest bankruptcy filing.

#FTX sold the remaining 15 million shares for approximately $30 each, generating over $450 million in proceeds. This brings the total return on FTX's $500 million investment in the company to approximately $1.3 billion, or $800 million in profit. The price per share for this second sale was the same as the first sale in March.

The largest buyer of this round, global venture capital fund G Squared, purchased approximately one-third of the remaining shares (4.5 million) for $135 million. Venture capital funds also made up the majority of the other 20 buyers of Anthropic shares.

Following the latest filings from the bankruptcy estate, the cost of the #FTX bankruptcy exceeded $500 million in legal and administrative fees. #FTX creditors complained that Sullivan and Cromwell, the primary law firm responsible for FTX's bankruptcy, was also one of the firms that represented FTX before the bankruptcy; this was a potential conflict of interest that led to the appointment of an independent auditor and class officer.

An analysis by the New York Times last year found that law firms were charging hundreds of millions of dollars in fees for the bankruptcies of crypto companies.

FTX #CEO John Ray has billed the estate $5.6 million since the lawsuit began, based on his $1,300 hourly wage. The entity plans to repay 98 percent of its creditors at least 118 percent of the allowable claims, measured in dollar value, at the time the exchange filed for bankruptcy.
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