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...John J Ray, the veteran insolvency practitioner brought in to run the bankruptcy as FTX chief executive, said on Friday that the cryptocurrency group “has valuable assets” and that the bankruptcy proceedings...
...John Ray, the insolvency expert who took over FTX when it filed for bankruptcy, said the “complete absence of trustworthy financial information” was worse than Enron, whose bankruptcy he previously oversaw...
...over the site, Yagen explained how it would function: first, steel plates — many made in the US — would arrive by rail and then be rolled and welded in one facility before moving on for grinding and X-rays...
...And finally To mark the 300th birthday of artist Joshua Reynolds, a free exhibition at Kenwood on the edge of Hampstead Heath showcases the chronicler of Georgian England....
...“In my history of doing corporate restructuring, I don’t find that remotely believable,” Ray said....
...Ray Boulger, analyst at broker John Charcol, said that even if people’s circumstances had changed “they can still get a product transfer in nearly every case . . ....
...“It wasn’t a request: they just took it”, Ray said of the Bahamian authorities’ act. “They were aided by former employees, Mr [Gary] Wang and Mr Fried,” Ray continued, referring to FTX’s co-founders....
...The cryptocurrency exchange also permitted Alameda to borrow funds effectively without limits, Ray added....
...Joshua Oliver is the FT’s asset management reporter....
...The agreement lowers the temperature of one of several legal battles being waged by Ray....
...The Securities Commission of The Bahamas, meanwhile, said Ray’s group had a “cavalier attitude towards the truth”....
...Ray has vowed to investigate allegations of misconduct against Bankman-Fried and other executives....
...“We anticipate some massive losses here,” Ray said during a congressional hearing into the collapse of FTX in Washington on Tuesday....
...The new FTX chief, John Ray III, has said he is eager to move on to the task of returning funds to account holders with the assistance of Sullivan....
...Bankman-Fried has said that the law firm had pressured him in November to hand over control to John Ray, a veteran insolvency practitioner....
...John Ray, FTX’s court-appointed new chief executive, told the hearing: “This isn’t sophisticated whatsoever, this is just plain old embezzlement.”...
...At 4:30am the preceding morning, he had clicked on a DocuSign tab, nominating Ray to take charge....
...Dietderich said that since FTX filed for bankruptcy, the restructuring team led by John Ray had identified $5bn in cash, liquid crypto and securities, not counting illiquid crypto tokens that it could not...
...Ray said FTX had been able to move $740mn of cryptocurrency to offline “cold” wallets where it could be secured....
...John Ray, the new FTX chief executive leading the exchange through the bankruptcy, said he had never seen “such a complete failure of corporate controls”....
...But he said the restructuring team being led by chief executive John Ray still cannot determine the gap between the companies’ assets and what it owes to creditors....
...In statement, Sullivan said that John Ray, who took over as FTX chief executive as the company filed for bankruptcy, could adequately supervise the company’s advisers and that FTX would have separate lawyers...
...The cryptocurrency trading venue has since been run by veteran insolvency practitioner John Ray III, who has set about securing its assets....
...FTX disclosed in court papers that Ray was billing his time at $1,300 an hour and had been paid a $200k retainer fee....
...The news from Poland broke like a sharp ray of light through our grim skies....
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