FTX Funded $18 Million Towards Research that Claimed that Ivermectin and Hydroxychloroquine Didn’t Work Against COVID
ALEXIS KEENAN: Yeah, Brad, a lot at stake here. So FTX's attorneys and its managers, they'll appear in bankruptcy court in Delaware that's where this case is being handled at 11:00 AM Eastern time today. And what they're gonna do is they're gonna make a series of requests to spend what's left of the company's money. Traditionally, in a bankruptcy case, this would have happened already within days.
And what the management needs is approval to pay its lawyers, its bankers, its employees, some of whom, many of whom have already left the company, and also things like utilities. Let's just keep the lights on. That's what they need here.
You can expect to hear also a narrative of FTX's collapse in this hearing. And also the steps that the company is making to shore up its assets. Now, as for its broader financial health, we're getting glimpses of that. But the picture is still far from complete.
The CEO of the company John J. Ray, he said that the company might need until January to complete that picture, to tabulate the company's assets and liabilities. The reasons cited there, last week, Ray had said that he was looking at a complete failure of corporate controls and also an absence of trustworthy financial information that existed at the company.
Though, in a filing on Saturday, FTX identified 216 bank accounts that hold approximately $564 million. The company also identified its top 50 creditors. These were all customers of FTX. And they owned, the company said, a collective $3.1 billion.
Now, here's the problem. The company further identified some of its cash on hand. Its combined cash balance, it said, was $1.2 billion. So we'll be watching in this hearing for what exactly the finances look like at this date and time. But we're certainly not expecting to get a whole picture today.