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Day 1 Of FTX Bankruptcy Hearing

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On the first day of the FTX Bankruptcy hearing, the lawyers for the company successfully transferred the case from Texas to Delaware.

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Last week, FTX's lawyers were called in to assist with restructuring. 

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They filed an urgent application to obtain the move to the United States.

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James Bromley, FTX counsel, refers to this case by saying, "What we're dealing with is a completely different kind of animal."

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It was also stated that the FTX debtors weren't well-managed, which is an understatement.

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The FTX attorney told the court that FTX was "effectively managed as a personal fiefdom by Sam Bankman-Fried."

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Bromley said in court that the new team faces the challenge of "bringing order to disorder."

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After SBF resigned as CEO, FTX and its affiliates filed for bankruptcy on November 11.

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