FTX’s Margaritaville tab swells to $600K

Sam Bankman-Fried’s defunct crypto trade FTX owes Jimmy Buffett’s Margaritaville resort almost $600,000 — greater than 10 instances what was beforehand thought — and in the meantime racked up a $400,000 DoorDash tab forward of its chapter, courtroom papers revealed this week.

In November, FTX’s funding affiliate Alameda Analysis was reportedly sought after by Margaritaville resort in the Bahamas over a $55,319 bar tab.

However courtroom papers on Wednesday present the oceanside retreat named after Buffett’s hit single is now claiming $599,409 from the crypto hedge fund, in line with Insider. 

FTX staff reportedly stayed “for weeks or months” in about 20 suites at One Specific Harbour — a luxurious tower linked to the principle Margaritaville resort, in line with Bloomberg.

Resort staffers mentioned staff from the since-imploded agency would pile right into a shuttle within the morning and return to Margaritaville after their workday on the firm’s Bahamas-based headquarters, in line with reviews.

FTX’s officers have been situated on the opposite aspect of the island and the journey reportedly took roughly half-hour.

In the meantime, courtroom filings this week additionally present that funding arm Alameda Analysis racked up a $400,000 Doordash invoice within the months main as much as the crypto big’s spectacular implosion. 

Paperwork filed in Delaware chapter courtroom on Wednesday revealed an unpaid tab of $403,765 from the meals supply app to FTX entities.

West Realm Shires Companies, which manages FTX US, paid a complete of $357,526 to DoorDash in Might and July of 2022, Insider reported. 

Former staff beforehand advised the Monetary Instances that FTX US was given $200 per day toward DoorDash food delivery, together with free groceries, barbershop pop-up and bi-weekly massages. 

The app’s costliest meal out there for supply to FTX’s Berkeley, California workplace was a $56 New York strip steak and lobster from Japanese restaurant Hana, in line with Insider.

DoorDash confirmed to Insider that FTX US was a buyer of “DoorDash for Work, our worker profit product.”

FTX US made two substantial funds to DoorDash in 2022 with the entity of round 75 staff.

The primary fee of $173,000 got here in Might, adopted by one other $183,000 in July, according to Axios reports in November. 

Alameda Analysis nonetheless has an impressive Doordash steadiness of $46,239, courtroom papers present. 

Attorneys dealing with the Chapter 11 case say Bankman-Fried had a $65 billion line of credit score as his “private piggy financial institution,” which he used to fund spending on actual property and political donations, that means FTX couldn’t cowl all its buyer withdrawals. 

Bankman-Fried and his associates additionally utilized firm funds to buy $300 million in luxury real estate within the Bahamas and several other high-end properties within the unique Albany group, FTX attorneys revealed. 

With Publish wires