The S.B.F. Reckoning Comes Due

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Happy Sunday, and welcome back to Dry Powder.

While Sam Bankman-Fried continues to offer ill-advised interviews to journalists left and right, some real action is at last beginning to unfold behind the scenes, in the likely appointment of an examiner by the bankruptcy court in Delaware to make sense of how the FTX house of cards came tumbling down. In today’s issue, I consider what that examiner will be looking for, and how his or her findings will reverberate through the rest of this mess. Plus, why Elon’s Twitter antics may be part of a grand, if wily, scheme.

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The S.B.F. Reckoning Comes Due

News and notes on Wall Street’s favorite mop-topped obsession, plus Elon’s latest gambit at Twitter.

WILLIAM D. COHAN

With all due respect to our friend Andrew Ross Sorkin, who snagged the primo Zoom interview with S.B.F. from the Bahamas on Wednesday, giving the 30-year-old former billionaire yet another opportunity to blither on and on, against the advice of esteemed counsel, the most important event of the week in the ongoing saga occurred the next day, in the bankruptcy court in Delaware. That’s when Andrew Vara, the U.S. bankruptcy trustee for the Delaware region, filed a motion requesting the judge appoint an examiner in the bankruptcy of FTX Trading et al. If Judge John T. Dorsey signs off, and surely he will, we will eventually—probably in four to six months or so—know what really happened here and why...

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