New FTX CEO: "Never in my career have I seen such a complete failure of corporate controls" pic.twitter.com/DGkxpSBaXH
— Eliot Brown (@eliotwb) November 17, 2022
New FTX CEO says "Never in my career have I seen such a complete failure of corporate controls." But what does he know? He-- he worked for Enron, you say
https://x.com/eliotwb/status/1593229154555949056
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Now playing: Cranky's Conga (DKC2).mp3
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Why would anyone take that job?
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He’s hired by the bankruptcy courts. He’s not trying to turn the company around.
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CRO engagements are usually approved by the BK court (not hired by them though, creditors ultimately foot the bill) but not here, he took the role prefiling. Its not super clear who appointed him on an initial read but it looks like the restructuring professionals picked him during creditor-vs-former-CEO discussions and his appointment was made effective upon former CEO's resignation at 4am
Edit: on a closer read, some of the board members are not orgy attendants/feckless cronies, realized what was going on, and demanded that this gentleman replace the CEO. After Standford Prof daddy told him to resign, he did
Tl;dr lmao
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What did you find for board members pre-bankruptcy?
I thought "maybe the board was not paying much attention but after this they definitely have to kick him out" so I tried to look up who was on the board. All I found was a bunch of Twitter saying "HE HAD NO BOARD (lmbo)" and some articles mentioning basically the same thing as a 3-man board of SBF, an FTX employee, and a lawyer..
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Its not clear based on the filing but he refers to what appears to be independent board members at one point when describing pre-petition matters. They may have been officers though, he just says "executives".
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Making sure the big creditors get paid back as much as possible pays a lot
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First paragraph in the screenshot he is basically the Navy SEALs copypasta of cleaning up this sort of mess
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