“Alvarez & Marsal bill Celsius $1.7 million a month,” Kuvari found, “and bill FTX $11 million a month.” Similar to the Enron comparison, this means A&M is charging about six times as much for a bankruptcy involving only 50% more liabilities. On a percentage basis, A&M took about 11% of the fees in the Celsia bankruptcy, but receives about 30% of FTX’s fees.

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