crypto

FTX attorneys’ billing far outpaces hourly rates seen in 2008 mega bankruptcies

Delaware Business Court Insider

Attorneys and consultants involved in the FTX bankruptcy have asked the District of Delaware bankruptcy court to approve billed hours and expenses totaling just under $37 million for the first six weeks of Chapter 11 proceedings.

Those proposed fee applications, the last of which was filed Feb. 27, cover both the FTX debtor entities and the committee representing creditors, with the largest segment by far being the $25.1 million billed by FTX lead counsel Sullivan & Cromwell across two filings. Those fees haven’t been approved or denied and could end up differing from the amount attorneys actually are paid.

Continue reading here.

Web3 litigation is a regulatory waiting game in Delaware

Delaware Business Court Insider, Delaware Law Weekly

Web3 has raised countless questions about corporate entity structures and securities regulations, but attorneys specializing in the area don’t foresee most of them being answered in a Delaware court, at least not immediately.

That doesn’t mean those interested in Delaware corporate law shouldn’t pay attention to how those questions are resolved in other courts or by regulatory changes, with some cases involving decentralized autonomous organizations likely to show up in the Court of Chancery at some point.

Continue reading here.