FTX has billions more than needed to repay bankruptcy victims

[examplens]

There's no chance for FTX to rebuild again after what happened, even if they return the funds of their investors and even include interest. I don't think these investors will come back to trust FTX again; they've caused a lot of miseries to their users and they also create distrust and disruption in the industry.

Investors have learned a lot from their experience from FTX and there will neve be another chance.

It has been said officially

An FTX lawyer said during a Wednesday hearing that plans for a re-launch of the exchange won’t come to fruition.

https://www.theblock.co/post/275405/bankrupt-ftx-wont-be-restarting-but-former-customers-will-get-money-back-in-full

There's no doubt about it. When collecting payments for what's owed to you, it's always good to get something than nothing. If creditors will be getting back 118% up to 142%, then that's certainly better.

But if Bitcoin goes to 30k, then there is nothing of that 142% 

I am quite suspicious when the debtor promises the possibility of even more than what is expected of him, while there is no question of the possible risk that there will be no return or possibly only a smaller percentage.

[NotATether]

There's no chance for FTX to rebuild again after what happened, even if they return the funds of their investors and even include interest. I don't think these investors will come back to trust FTX again; they've caused a lot of miseries to their users and they also create distrust and disruption in the industry.

Investors have learned a lot from their experience from FTX and there will neve be another chance.

It has been said officially

An FTX lawyer said during a Wednesday hearing that plans for a re-launch of the exchange won’t come to fruition.

https://www.theblock.co/post/275405/bankrupt-ftx-wont-be-restarting-but-former-customers-will-get-money-back-in-full

So it seems that FTX has finally been staffed by grown-ups after the kids were left running around making a mess of the company before. 

Not restarting operations at all is the correct decision. Where would they even find someone competent enough to do that for instance. The senior executives are either jailed or on trial right now.

These lawyers are pretty good. I wasn't expecting this kind of end result to come into fruitition.

[yhiaali3]

If this is the case, then creditors are expected to receive a 100% refund of their lost coins, the article states that ftx are going to make ~ 16.3 billion from the sale of their assets, meanwhile creditors are owed ~ 11 billion. They have not stated when refund would begin, but this must be good news for ftx's creditors, yes?

Of course, this is good news for FTX creditors as they will finally be able to recover their lost funds on that ill-fated exchange that has caused so much damage to crypto users over the past years.

But I'm surprised where FTX got those $16.3 billion in assets from? I mean, after the collapse of the exchange and all these cases and accusations against it, how did FTX manage to collect such a huge amount? Are these assets clean and free of any legal issues?

[examplens]

These lawyers are pretty good. I wasn't expecting this kind of end result to come into fruitition.

Yeah, They are $2000 per hour good 
This is an analysis from June 21, '23, and then they had nearly 35,000 billable hours, around $200mil. How many FTX users could have been reimbursed from there?

“These proceedings appear on track to be very expensive by any measure,” said Stadler, citing costs that already amount to 2% of estate assets and 10% of reported cash, with 46 of the 242 attorneys assigned to the case charged over $2,000 an hour.

https://www.coindesk.com/policy/2023/06/21/ftxs-bankruptcy-fees-already-topped-200m-court-examiner-says/

[Zed0X]

There's no doubt about it. When collecting payments for what's owed to you, it's always good to get something than nothing. If creditors will be getting back 118% up to 142%, then that's certainly better.

But if Bitcoin goes to 30k, then there is nothing of that 142% 

Since they will be paid in USD, it doesn't matter if it goes down to $30K. As I understand, the basis used to determine the dollar value of BTC and other crypto was from the time the bankruptcy petition was filed. That's Nov. 11, 2022 (from an article) and BTC was more or less $16K.

Anyway, I read that a group of creditors were not happy with the proposed reimbursement plan and they want to dispute that. Honestly, I would be disappointed as well but, again, better than nothing.

[joniboini]

Honestly, I would be disappointed as well but, again, better than nothing.

If I lose a lot of money, I'll try to get more out of this plan. There's no way I can just say "better than nothing" if I lose hundreds of dollars or even millions of dollars. Maybe that's the right angle to take if you're a customer so you don't get tricked or abused by FTX even further.

how did FTX manage to collect such a huge amount? Are these assets clean and free of any legal issues?

IIRC I made a post about this one a while back. It comes from crypto tokens like Solana, equity shares on other firms, and so on based on a Bloomberg article that I read. Not sure how accurate that is as of now. CMIIW.