Andy Dietderich, Jim Bromley and Alexa Kranzley have been named “Dealmakers of the Year” by The American Lawyer for advising FTX Trading on its landmark bankruptcy proceedings and related litigation, which culminated in its emergence from Chapter 11 in January, just over two years after its collapse and bankruptcy filing.
Alexa Kranzley told The American Lawyer that “from the start, this was a huge crime scene.” Jim Bromley said that “we … believed that a policy of radical transparency was necessary.” The S&C team leveled with creditors about the details of the fraud and built consensus brick by brick by identifying the main priorities of each stakeholder and addressing their needs. The challenge was immense, given the unprecedented nature of FTX’s collapse and its total lack of reliable financial reporting, accounting or governance systems.
The success was a firmwide effort, said Andy Dietderich. “Had it not been for the way our bankruptcy capabilities intersected with our litigation, regulation, M&A and criminal defense abilities, we never would’ve achieved the result we achieved,” he said. “This was the ultimate team sport for lawyers, and if we’re proud of anything, we’re proud of the teamwork that resulted in this.”
Read the profile.