Daniel Friedberg, FTX Chief Regulatory Officer, has joined a Creditor's objection to retaining Sullivan and Cromwell.
Friedberg says Ryne Miller, the US General Counsel, advertised himself for his close relationship to "Gary" Gensler.
Claims Miller tried to generate lots of fees for S&C because he wanted to return there as partner.
Now at the latest, you recognise the same narrative that SBF has been pushing: FTX US was pushed into bankruptcy to make more money for S&C.
He lists four potential claims of the estate against S&C, the first being overbilling.
2. alleged involvement in securities fraud with BlockFi, $200M claim.
3. filing FTX US for bankruptcy, >$500M claim.
4. leaving withdrawals open post bankruptcy, >$400M claim.
Summed up, the claims would amount to at least $1.1 billion.
Friedberg makes some corrections on S&C's statements regarding their prepetition role and individual S&C employee titles.
Tomorrow's Court hearing on this matter promises to be interesting.