Friday Night Frenzy | Citizen Journalist (and Lawyer) Reports on FTX Bankruptcy, SBF Asset Seizures

It's the first Friday of 2023, and we've got some stuff to talk about...

On the docket:

The Washington Post published an article yesterday with the byline: "A group of online creators has skyrocketed to fame by covering every aspect of the meltdown, but some optimize for attention over accuracy". I'll give you three guesses as to the author of the piece, but I'm fairly certain you'll only need one. This "citizen journalist" (also a practicing bankruptcy lawyer) has some opinions on this traditional/corporate media narrative, specifically concerning the SBF & FTX coverage, so let's talk about it.

Samuel Bankman-Fried Bond Modification & Asset Seizures - SBF plead "not guilty" on Tuesday in the Southern District of New York. The hearing was notable for two additional reasons: (1) the Court granted SBF's request to seal the names of the two additional sureties to his $250M bond (not his parents); and (2) the Court modified his bond conditions to prohibit him from accessing/transferring any FTX or Alameda assets (or anything purchased with FTX or Alameda assets), to the apparent chagrin of his attorneys. This leads us to our 3rd matter on the docket...

FTX Bankruptcy Update - FTX Trading Ltd. (and 101 affiliated entities) filed for Ch. 11 bankruptcy protection on November 11, 2022. In under 2 months, there have been 387 docket entries in the bankruptcy matter, with some serious amounts of tension. For those of you who think bankruptcy is boring, it was a 2 min appearance at the bankruptcy hearing on Jan 4th where we learned that the DOJ had seized several additional accounts, including $450 million in Robinhood stock titled to Emergent (90% owned by SBF). What was the 387th docket entry??? I'm glad you asked. Dkt. 387 is SBF's first filing in the bankruptcy, asking the bankruptcy court to kindly allow him to have access to those Robinhood shares.

So, Washington Post (and a certain author), can you see how a lowly citizen journalist and bankruptcy attorney might indeed be adding to the discussion in a fashion that isn't clickbait?

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THIS VIDEO IS FOR INFORMATIONAL AND ENTERTAINMENT PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. PLEASE CONSULT WITH COUNSEL IN YOUR JURISDICTION.