That's the average pace Brian Glueckstein has kept up as one of the lead lawyers in the FTX bankruptcy since it began in November 2022, according to court records though April. All those hours — including 342 in December 2022 alone — have helped his law firm Sullivan & Cromwell amass close to $200 million in billings as debtor's counsel in the sprawling case so far.

Sullivan & Cromwell's fee filings illustrate the massive, lucrative task of managing the bankruptcy of a cryptocurrency exchange whose founder Sam Bankman-Fried was sentenced to 25 years in prison for committing one of the biggest financial frauds in U.S. history.

A Delaware bankruptcy judge has approved more than $171.8 million in fees for the New York-founded law firm, with another $26.8 million request, opens new tab pending.

Glueckstein, with a current hourly rate of $2,375, has billed more than 4,000 hours in the bankruptcy, the most of any partner at his firm, according to a Reuters analysis of monthly fee statements. He is one of hundreds of lawyers and staffers from 890-lawyer Sullivan & Cromwell who have billed more than 168,000 hours in the case altogether.

Glueckstein, who joined Sullivan & Cromwell out of New York University School of Law in 2003, did not respond to requests for comment.

A Sullivan & Cromwell spokesperson referred Reuters to its public filings in the case and said that there have been no objections lodged against its fee requests.

As its bankruptcy counsel, Sullivan & Cromwell is advising FTX as it sells assets and pursues legal claims against others in an effort to repay creditors, including its customers.

An FTX spokesperson said the law firm's fees represent "a fraction of the amounts [FTX CEO] John Ray and his team have recovered through their investigation and prosecution of recovery actions."

FTX said this week that it has recovered up to $16 billion to repay customers, including over $12 billion in cash, and it says it will repay all customer claims in full.

Since May 2023, Glueckstein has also been part of a Sullivan & Cromwell team representing fire-protection company Kidde-Fenwal Inc, a Carrier Global subsidiary that filed for bankruptcy last year, billing at least 732 hours in the case. That's an average of about 12 hours a day on the two cases together, five days a week for 11 months.

(http://www.autoadmit.com/thread.php?thread_id=5546798&forum_id=2/en-en/#47787042)

This is horseshit. By "repay in full" they mean pay out lost bitcoin at a value of 16k at the same time that it sells for 60k+ on the open market.

(http://www.autoadmit.com/thread.php?thread_id=5546798&forum_id=2/en-en/#47787095)