United States Bankruptcy Approves from the Bench the Chapter 11 Plan for the FTX Debtors
Entwistle & Cappucci LLP is pleased to report that today the Honorable John T. Dorsey of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court” or “Court”) approved from the bench the Chapter 11 Plan (the “Plan”) of FTX Trading Ltd. (d.b.a. “FTX.com”) and West Realm Shires Services, Inc. (d.b.a. “FTX.US”), and their affiliated debtors (together, the “FTX Debtors”), pending the Court’s final review of the proposed confirmation order. Included in the approved Plan is the Customer Priority Settlement announced in October 2023, which will, along with other aspects of the Plan, enable eventual distributions to FTX.com and FTX.US customers of as much as 140% of their approved customer claims. This result would not have been possible without the substantial efforts and cooperation of the FTX Debtors, and in particular CEO John Ray and the Board, the Official Committee of Unsecured Creditors and the Ad Hoc Customers Committee.
Entwistle & Cappucci LLP is continuing with the Adversary Class Action on behalf of customers in the Bankruptcy Court, Onusz et al. v. West Realm Shires, Inc. et al., Adv. Pro. No. 22-50513, against Samuel Bankman-Fried and the other insiders named in that action, except for Caroline Ellison, with whom, together with the FTX Debtors, we recently entered into a settlement that should result in substantial benefits to customers and the estates.
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Entwistle & Cappucci LLP is a national law firm providing exceptional legal representation to clients in the most complex and challenging legal matters. Our practice encompasses all areas of litigation, corporate transactions, bankruptcy, insurance, corporate investigations, and white-collar defense. Our clients include public and private corporations, major hedge funds, public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs.
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Andrew J. Entwistle
Entwistle & Cappucci LLP
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Austin, TX 78701
Telephone: (512) 710-5960
Email: aentwistle@entwistle-law.com
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