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As a result of the recent disclosure that FTX debtors and bankruptcy directors found $5.5 billion in liquidity, the new CEO of ftx john j. ray iii talked about the company in his first interview since taking over the restructuring process of the stock exchange. Ray detailed during the interview that he is open to the possibility to relaunch the defunct platform for trading digital currencies.
FTX CEO John J. Ray III is exploring the re-launch of the exchange of decrepit cryptography.
The new FTX CEO and chief restructuring officer (CRO), John J. Ray III, conducted his first interview since the company for bankruptcy protection on Nov. 11, 2022. Ray told the Wall Street Journal (WSJ) that it can be useful to restart the crypto exchange and pointed out that "it's all on the table." Ray's interview followed a recent news release and presentation from the bankruptcy team and the FTX debtors, which were issued to inform the Unsecured Creditors Committee.
"If there's a way forward on [rebooting ftx], then we're not just going to explore this, we're going to do it," Ray said the release.
presentation given to the committee of unsecured creditors showed that $5.5 billion in what are referred to as “liquid assets” have been discovered. However, the definition of “liquid” as it applies to the stash of locked SOL and cache of FTX token (FTT) is debatable. In addition to the $5.5 billion discovered, the bankruptcy team said an additional $4.5 billion could be obtained through the sale of subsidiaries and the sale of ftx real estate in the Bahamas. Mr. Ray said there are players with whom debtors work who have "determined what they consider a viable business.”
New FTX CEO Addresses Tensions with Former CEO Sam Bankman-Fried, Criticizes Inner Circle’s ‘Spending Spree’
Ray also talked about the former CEO, Sam Bankman-Fried (SBF), as it’s been reported that the new CEO of FTX has kept his distance from the disgraced FTX co-founder. "We don't have to talk to him," Ray said to the wsj. "He didn't say anything I haven't heard." However, the WSJ received a reply from the SBF, which described the comment by Ray as "shocking.”
"This is a shocking and overwhelming comment on the part of someone who claims to care about clients," SBF told the WSJ. Ray sees things differently than SBF and the chief restructuring officer even criticized the co-founder’s Excel balance sheet theory. "That's the thing," Ray said to the interviewer wsj. 'He believes that everything is just a big pot of honey.
Ray revealed that he had seen nothing of the sort throughout his career of corporate restructuring. "They did a series of expenditures," Ray pointed out. "Sometimes there were no buy deals, or the deals weren't signed," added the ftx CEO. Again, the SBF denied Ray's assertions about the co-founder who thought that things looked like a big jar of honey.
“Mr Ray continues to make false claims based on calculations that do not exist,' the SBF told the WSJ in a text message. "If Mr. Ray had taken the trouble to give FTX US some serious thought, it would probably have understood that its interpretation is completely incompatible with the law of bankruptcy, even by subtracting $250 million from my balance sheet, FTX US is said to have *yet* been creditworthy."
SBF added:
Rather, Mr. Ray sees everything as one big honey pot—one he wants to keep.
Ray strongly disagrees with SBF and although the co-founder of FTX has repeatedly stated that he would like to be useful to creditors, Ray thinks sbf's a fraud, and do more wrong than right. Noting that the SBF's SMS messages are wrong, Ray insisted that it's "unfortunate because people continue to be victims at this time." The new CEO of the FTX added: "They suffer from misinformation...It’s harmful.”
FTX’s exchange token, FTT, jumped in value on news stemming from Ray and his belief that there may be a possibility of reviving the defunct trading platform. FTT skyrocketed by 35%, reaching $2.48 per unit, after it was trading for $1.71 per unit before Ray’s interview was published.
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