FTX bankruptcy-related legal costs exceed $700 million, and has sold remaining Anthropic shares

As bankruptcy-related legal and administrative costs have exceeded $700 million, the FTX bankruptcy consortium (estate) sells its remaining shares in artificial intelligence startup Anthropic. According to the latest documents, FTX sold the remaining 15 million shares of Anthropic at about $30 per share, with a total sale price of more than $450 million. This makes FTX's initial $500 million investment appreciate to about $1.3 billion, with a profit of about $800 million. The largest buyer is the global venture capital fund G Squared, which acquired about one-third of its remaining shares (i.e. 4.5 million shares) for $135 million. Among the other 20 buyers of Anthropic shares, venture capital funds accounted for the majority. (The Block) Earlier news, as bankruptcy costs continued to rise, FTX lawyers and consultants have approved more than $500 million in expenses from the bankruptcy estate. The agency responsible for overseeing the bankruptcy process has requested more than $700 million in fees and expenses, although many requests have been cut by 20% and some requests have not yet been approved. According to court documents, Sullivan and Cromwell, special counsel in FTX's bankruptcy case, topped the list with $254 million in approved fees (although its bill was $360 million), followed by financial advisory firm Alvarez and Marsel with $133 million. Other law firms and consultants included forensic investigations consultant AlixPartners, special counsel Quinn Emanuel Urquhart & Sullivan, investment bankers Perella Weinberg Partners and co-counsel Landis Rath & Cobb, which collected a total of $57 million in fees.