John Jay Ray III specializes in cleaning up the worst corporate messes but he's never seen anything like FTX.
The new FTX CEO would down Enron, Nortel and other major companies that have collapsed but he will have his hands full with FTX, according to a court filing.
"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," he wrote.
He cited compromised systems integrity, faulty regulatory oversight and concentration of power and control in a small group of inexperienced, unsophisticated and 'potentially compromised' individuals. He said there was no appropriate governance and centralized control of cash.
Ray says he doesn't know how much cash the company has when it filed for bankruptcy and has only located a secured 'a fraction' of digital assets it hopes to recover.
If you haven't read the latest series of leaked messages from Sam Bankman-Fried, they're truly unbelievable.
