FTX Trading Ltd US Bankruptcy Court for the District of Delaware: Declaration by John J Ray III

Further to my post on Linkedin, here is access to a better quality image of the group structure of FTX.  The image above should be of high quality.  Otherwise see page 30 in the DECLARATION OF JOHN J. RAY III in support of Chapter 11 Petitions and First Day Pleadings.

The Guardian leads with "New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’"

• In a stinging court filing posted on Thursday, John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.
• Cryptocurrency FTX’s logo reflected in an image of former chief executive Samuel Bankman-Fried.
• Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.
• He wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

Posted by: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm.  Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision. ​