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Following the recent revelation that debtors and bankruptcy administrators of FTX have located $5.5 billion in liquid assets, new FTX CEO John J. Ray III discussed the company in his first interview since taking over the stock market restructuring process. Ray detailed during the interview that he was open to the possibility of reviving the now defunct digital currency trading platform.
FTX CEO John J. Ray III Explores Fallen Crypto Exchange Relaunch
FTX’s new CEO and Chief Restructuring Officer (CRO), John J. Ray III, conducted his first interview since the company filed for bankruptcy protection on Nov. 11, 2022. Ray told the Wall Street Journal ( WSJ) that there could be value in restarting the crypto exchange and stressed that “everything is on the table.” Ray’s interview follows a recent press release and presentation from FTX’s bankruptcy team and debtors, which were issued to inform the Unsecured Creditors Committee.
If there is a way forward [rebooting FTX]so we won’t just explore that, well just do it, Ray told the publication.
The presentation made to the committee of unsecured creditors showed that $5.5 billion of so-called “cash” was uncovered. However, the definition of “liquid” as it applies to the locked SOL reserve and FTX token cache (FTT) is debatable. In addition to the $5.5 billion discovered, the bankruptcy team said an additional $4.5 billion could be obtained by selling subsidiaries and marketing FTX’s real estate in the Bahamas. Ray said there are stakeholders that Debtors work with who “have identified what they consider to be a viable business.”
New FTX CEO Addresses Tensions With Former CEO Sam Bankman-Fried, Criticizes Inner Circle Spending
Ray also talked about former CEO Sam Bankman-Fried (SBF) as it was reported that FTX’s new CEO has kept his distance from the disgraced FTX co-founder. “We don’t need to dialogue with him,” Ray told the WSJ. “He didn’t tell us anything that I didn’t already know.” However, the WSJ received a response from SBF, which called Ray’s comment “shocking.”
“This is a shocking and damning comment from someone claiming to care about customers,” SBF told the WSJ. Ray sees things differently from SBF and the chief restructuring officer even criticized the co-founder’s Excel balance sheet theory. “That’s the problem,” Ray told the WSJ interviewer. “He thinks everything is one big pot of honey.
Ray revealed that he hadn’t seen anything quite like FTX in his entire corporate restructuring career. “They went on a spending spree,” Ray pointed out. “Sometimes there was no purchase contract, or the agreements were not signed,” added the CEO of FTX. Once again, SBF denied Ray’s claims about the co-founder thinking things amount to a big honeypot.
“Mr. Ray continues to make false claims based on nonexistent calculations,” SBF told the WSJ in a text message. If Mr. Ray had bothered to think carefully about FTX US, he likely would have realized both that his interpretation is totally inconsistent with bankruptcy law, and also that even if $250 million were to be subtracted from my balance sheet, FTX US would *always* have been solvent.
SBF added:
On the contrary, Mr. Ray sees everything as a big pot of honey that he wants to keep.
Ray strongly disagrees with SBF and although the co-founder of FTX has said countless times that he would like to be helpful to creditors, Ray believes SBF is misleading and causing more harm than good. good. Noting that SBF’s text statements are false, Ray insisted it was “unfortunate because people continue to be victimized at this time”. FTX’s new CEO added, “They are victims of misinformation…It’s harmful.”
FTX’s exchange token, FTT, rose in value on news coming from Ray and his belief that there might be a possibility of reviving the defunct trading platform. FTT soared 35% to $2.48 per unit, after trading at $1.71 per unit prior to the publication of Ray’s interview.
Tags in this story $4.5 billion, $5.5 billion, Balance Sheet, Bankruptcy, calculations, CEO, co-founder, commentator, Crypto, Balance Sheet Excel, Exchange, misrepresentations, former CEO, ftx, Case of FTX bankruptcy, FTX collapse, harm, honeypot, interpretation, John J. Ray III, cash, misinformation, presentation, press release, purchase agreements, real estate, restructuring, Sam Bankman-Fried, sbf, SBF Claims, expenses crazy, stakeholders, subsidiaries, Bahamas, Theory, unsecured creditors, viable business, Victims
What do you think of Rays’ first interview since FTX’s restructuring process began? Share your opinion in the comments below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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