Creditors are dissatisfied with the inclusion of the law firm's S & C exemption clause in the amendment to the FTX repayment case

On May 8th, it was reported that although FTX's newly revised proposal promises "billions of dollars in compensation", creditors are unhappy with specific provisions related to Sullivan & Cromwell (S & C) law firm. FTX published a new amendment to the repayment case on the 7th, which contains an exemption clause. The exemption clause means that if damage is caused during the execution of bankruptcy proceedings, some parties can be exempted from liability. FTX creditor Sunil said that in FTX's case, S & C may have included a clause to exempt itself from any potential liability. It was reported earlier today that FTX and its affiliated debtors filed a revised reorganization plan and disclosure statement with the Delaware U.S. Bankruptcy Court on Tuesday. The plan is expected to centrally distribute virtually all of FTX's assets at the time of bankruptcy in November 2022 to customers and other creditors around the world. FTX expects the total value of property collected, converted into cash and available for distribution to be between $14.50 billion and $16.30 billion.