Overall, Ray and his three-person team are taking home $4,225 an hour.
, the new FTX CEO will collect $1,300 hourly plus "reasonable expenses" for his work untangling what U.S. Attorney Damian Williams called "one of the biggest frauds in American history" in a press conference Tuesday. That works out to an annualized $2.6 million, assuming Ray works a standard 40-hour workweek for fifty weeks over a year, allowing for two weeks of unpaid vacation.
In one bankruptcy case Ray worked on, he billed around 156 hours in a two-month period, netting him $120,582, so his billings for FTX may run higher or lower. By way of comparison, when Ray led Enron through its own fraud recovery process in 2005, helming the energy company through part of its bankruptcy as chairman and CEO, he collected a more modest $1.2 million on an annualized basis.
Ray also has a tight team that has worked with him on at least three bankruptcies throughout the last three decades, including restructuring Enron in the early 2000s, Nortel in 2009, andKathryn Schultea, Chief Administrative Officer, who has worked with Ray since Enron. She is also the and served at Enron and successor bankruptcy companies from 1999 to 2014, ultimately rising to assist Ray as Chief Administrative Officer in 2008.LKS is charging $975 an hour per person, or $5.85 million annualized, for these other three leaders, who are contracted through RLKS Executive Solutions, a company which specializes in bankruptcy officers for hire.
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