A U.S. appeal court will need to decide if FTXOfficial’s collapse warrants an official independent probe, a lower-tier district judge said today. jackschickler reports
, as the law compels him to refer the case upwards if the U.S. Trustee, a branch of the Department of Justice concerned with bankruptcy, asks for it, and if there’s no dispute over facts.
“No one contests that the Trustee requested an examiner here or that the debtor's fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” Connolly’s ruling said, adding that all that remains is a legal question – whether the bankruptcy code compels an independent probe.
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