That's... so many cheeseburgers.
The Margaritaville bill always comes due — and in FTX's case, it was way higher than we thought.
Back in November, it emerged that the now-defunct crypto exchange's closely-tied hedge fund, the also-bankrupt Alameda Research, owed the Jimmy Buffet-owned Bahamian resort roughly $50,000. Which, of course, is already a lot of debt for cheeseburgers, be they in paradise or elsewhere.
But apparently, $50k isn't even half of what FTX and Alameda owe Nassau's Margaritaville. In fact, it's hardly a tenth.
According to Insider, bankruptcy court documents filed in Delaware last week revealed that the flip-flop sanctuary is claiming a staggering $599,409 from the Sam Bankman-Fried-founded crypto hedge fund. You want fries with that!?
Of course, the first question, here, is... how?
Alameda, as documents and testimonies from the Bahamian resort's staff had revealed late last year, had been known to rent out the hotel's most expensive suites to its employees, who were then allegedly shuttled from the hotel to Alameda's offices on chartered busses. That said, though, the Nassau-based Margaritaville's most expensive suite caps out around four thousand dollars. Certainly not inexpensive, but even at that price, it would be tough to rack up nearly $600,000 with suites alone.
So, if we had to guess, the rest of Alameda's Margaritaville cash was going to food, and perhaps yacht docking. And maybe, just maybe, incredible numbers of margaritas. We don't know the reason, but they definitely stayed there all season.
Billion Dollar Kids
Per Insider, the court filings also revealed the extent of FTX entities' affinity for the food delivery service Doordash, to which those entities paid a total of $403,765 (it's unclear what the timeline was for racking up this figure, though FTX has only existed since 2019.) Of that roughly $403k, a sum of $357,526 was paid by West Realm Shires Services — also known as the controlling entity FTX US.
Of course, this update is just the latest in the ever-stranger, always-ridiculous saga of FTX and its ex-CEO, the currently-on-house-arrest Sam Bankman-Fried. Just when you think that the plight of these billion-dollar kiddos couldn't get any more absurd, it does. And in this particular case, that absurdity just happens to come in the form of the biggest Margaritaville bill you have ever seen.
Anyway. Has anyone seen the salt shaker?
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