The game still needed John Ray, however. The wild and wonderful world of US corporate bankruptcy was increasingly dominated by big law firms, but there were still a few of these lone actors, like Ray, who played the role of wildcatters. The law firms brought in the wildcatter to take over as CEO of the failed firm, and the wildcatter in turn hired the law firms. As a legal matter, at 4:30 in the morning on Friday, November 11, 2022, Sam Bankman-Fried DocuSigned FTX into bankruptcy and named John Ray as FTX’s new CEO. As a practical matter, Sullivan & Cromwell lined up John Ray to replace Sam
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