Brian Glueckstein was recognized as first Runner Up for The American Lawyer’s “Litigator of the Week” distinction, recognized for leading the team that won approval for the Chapter 11 reorganization plan of cryptocurrency platform FTX Trading on October 7. After a five-hour evidentiary hearing, U.S. Bankruptcy Judge John Dorsey in Delaware dismissed all objections and confirmed the plan to use as much as $16.5 billion recovered since the exchange’s collapse to pay customers at least 118% of the value in their accounts as of the November 2022 bankruptcy filing. Judge Dorsey lauded the effort as a “model case for how to deal with a very complex Chapter 11 bankruptcy proceeding.”
The Sullivan & Cromwell team included restructuring partners Andy Dietderich, Jim Bromley, Alexa Kranzley and the largest group ever assembled at the Firm to handle a single matter.