Sam Bankman-Frieds desperate search for cash

Some investors and customers have contacted the prominent American process lawyer David boys about the start of a suit, said people familiar with the matter. SBF has hired paul white partner martin fluffaum an experienced process and business attorney.

The survival ability of FTX depends on whether SBF can apply enough money to avert bankruptcy. The numbers obviously don't look good; Investors such as risk capital companies mammutbaum had to write off their investments to zero.

If SBF cannot raise the money, we have to distribute one to the bankruptcy lawyers and insolvency administrators who will be responsible for the detachment of the company structure of FTX. You can see why Binance may have given up after less than 48 hours - as Alphaville pointed out, it makes Lehman Brothers look like a walk in the park.

Here is what we think about DD (and many other people).

ftx has not grown through magic to a 32 billion dollar company. The WHO IS WHO of the large financial industry comprises its investor base, from private equity titans to venture capital bosses. What did you think when you looked at this corporate structure? How was SBF's business with that of its investors? And what exactly went wrong?

(Below we reflect two slightly different attempts to map the company structure of FTX from March 2022. H/T Dan McCrum.)

The only explanation we really had so far is the long thread from SBF on Twitter, which says: "A bad internal labeling of bank -related accounts meant that with my feeling for the margin of the users was significantly wrong". If someone can decrypt this, send us a message.

at least he got praise from Bill Ackmann for admitting his mistakes and taking on responsibility - a shame that it was deleted quickly, but DD has the receipt.

Twitter thread or not, nothing says "I screwed it up" than an attitude Michael Milch s lawyer.

Carney's $ 12 billion battle, convert coal into renewable gold

Former Bank of England Governor Markus Carney caused a furore Brookfields Global Transition Fund . A shock offer for an Australian coal company AGL .

The offer to eliminate Australia's largest environmental pollution by a fund designed for ESG investors was justified as a game with the energy transition-with the aim of weaning one of the oldest companies in Australia from coal-fired power plants.

it missed AGL, but Carney and Brookfield are still convinced that a "unique opportunity" still exists.

When the COP27 in Sharm El-Heikh, Egypt, began and the carbon finance was at the top of the agenda, Carney's Brookfield unit announced that she had come together with her Global Eig partner for a departure requirement in the amount of USD Energy Energy company.

The acquiring one will take over the gas systems from Origin, while Brookfield will swallow the energy business that competes with AGL. Three offers and a bonus of 55 percent were sufficient to win the support of the Origin board as soon as a formal offer was submitted.

But Brookfield, which has undertaken to invest in his assets after completing the business, says that AGL does not regret it because Origin is a safer bet to give the revolution of renewable energies.

Companies such as Origin, which can be placed in large infrastructure funds, are still a ray of hope for the entire M&A volume.

Origin is the second large deal of this type of kKr and global infrastructure partner acquired up to 50 percent vodafones wireless tower unit.

last month, at the Moral Money Summit the FT, eQt general manager Christian Sinding said Antoine Gara from DD that the infrastructure is still the rare sector in private capital, in which transactions of USD 10 billion and more can be carried out on the basis of abundant foreign and equity funding.

Job moves

• Keurig Dr. Pepper has been managing director Ozan Dokmecioglu forced to resign due to a violation of the company's code of conduct. It is replaced by the former CEO and current chairman Bob Gambort .

• Hasbro ’s Experienced CFO Debora Thomas resigns as soon as the toy and entertainment company finds a replacement.

• Biogen The Biotech Group, appointed Christoph Viehbacher as the new managing director. He used to be head of the French pharmaceutical giant Sanofi .

• Millennium management of the multi-strategy hedge fund, has set Justin Gmelich from Königsstraße as a new co-chief investment officer. He will hold this position together with Paul Russo the current global leader for the company's stock risks.

• Jefferies has recruited two high -ranking bankers to jointly manage his restructuring practice in Europe, the Middle East and Africa, according to a person who was informed about the matter. glen cronin was recruited from Rothschild While David Burlison was set by lazard

• jones-tag w. Anders folk and Kristin Bergerparker as a partner in his office in Minneapolis. Folk joins the Ministry of Justice . Parker was hired by the law firm stinson .

Intelligent reads

addicts have enrolled with a telemedizing league. This was followed by deaths Cerebral's employee, the once rapidly growing online provider of mental health, told Bloomberg that the company was poorly equipped to treat patients who would not have disclosed earlier drug abuse problems.

The other shoe The sneaker giant Nike and Adidas were haunted by crises every few days. There were worlds between their answers. It helped that Nike, who had suspended his deal with Kyrie Irving after refusing to reject anti -Semitism, never let his brand tear his own. The same did not apply to Kanye West and Adidas, reports the Wall Street Journal.

How the most unlikely world championship of all time came about Qatar will soon find out whether it was worth it to realize the dream of the first World Cup in the Middle East.

News summary

Buyout loan from Twitter are offered at necessary prices (BBG)

Elon Musk prohibits remote work on Twitter (ft)

Wework closes offices in the course of the cost reduction (FT)

foxconn continues to expand in China despite the Covid disorder (FT)

Amazon has started a cost reduction test (WSJ)

The Paul Allen's art collection achieves a record value of USD 1.5 billion (FT + FT Art Market)

United Internet chooses banks for the IPO of the web hosting company (BBG)