John J. Ray III is a star. The board did right to hire him for the clean-up. I am sure he is cooperating closely with US and Bahamian authorities for criminal evidence gathering. And, he is being paid ~2.6M USD annualised (1,300 USD per hour, 2,000+ hours per year). Seems cheap to clean-up that mess. It might take 5-10 years for full clean-up and wind-down. As the mess is so extensive, I wonder if some board members will also be under investigation. While board member normally have liability insurance, it won't help if crimes were committed.
FTX US had (at least) nine board members. FTX International (non-US entity) was private, as I understand, and essentially unregulated, so who cares about the board.
FTX US is a subsidary of FTX int. The board of FTX US has no power to do anything to parent co or other subsidaries of parent co. FTX US was/is also a private company.
It is a good question. I assume FTX global and/or US has some cash reserves. At the very minimum they have been running a business that needs to pay cash salaries, rent, utilities, etc. Your question is partly answered by the 200K USD retainer" (no details provided). I assume that was paid upfront. He may refuse to continue work if paychecks do not arrive in a timely manner. This guy is very experienced cleaning up bankrupt companies. I'm sure he will get paid, or not work.
Source on pay: FT.com -> https://www.ft.com/content/5d826ca9-389e-41ec-a38b-da43211da...