Jim’s Daily Rant. Rolling Iceberg.
It’s going on midnight and I just had to write this. When I got up this morning I saw an iceberg slowly beginning to roll over then suddenly the gigantic side rose up with a huge wave given off surging all around it. I couldn’t shake that feeling it gave me; the immense size of it. I knew what it was about and yet I didn’t.
That prompted my Rant about about the parents of the FTX gang. But I knew that wasn't what I saw. A few hours ago I saw an article titled Sam Bankman-Fried's Law Firm Drops Him As A Client Amid Ongoing Bankruptcy Revelations. In my usual sloppy style, I sped read it, posted it and went to bed.
I thought I had it in that there about a million investors in the firm and it was my assumption a client pre-existing in the law firm is a big player thus creating a conflict of interest. Just normal stuff here Folks.
Then after retiring it hit me. One of the lines said was the new counsel has filed a motion to not release the list of investors and clients of FTX. This means the account holders receiving fund transfers as well! The court is set to meet November 23rd.
“. . . amid a breathless demand for answers - like where did all that $8 billion really go - on Saturday we learned that as part of the firm's shambolic bankruptcy process, FTX won't even disclose its top creditors and has asked the bankruptcy judge to keep the company's list of creditors (which previously was said to be larger than one million) under confidential seal.”
Normally I would expect the court to favor big people above the law to have their way with the records being sealed as this show boat bankruptcy runs like a slow banana boat. But then it hit me that this is the iceberg I saw; I expect the court to refuse to seal the client list revealing the fellow fraud players to be sifted out of the million names.