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FTX’s Margaritaville tab swells to $600K

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Sam Bankman-Fried’s defunct crypto exchange FTX owes Jimmy Buffett’s Margaritaville resort nearly $600,000 — greater than 10 times what was previously thought — and meanwhile racked up a $400,000 DoorDash tab ahead of its bankruptcy, court papers revealed this week.

In November, FTX’s investment affiliate Alameda Research was reportedly wanted by Margaritaville resort within the Bahamas over a $55,319 bar tab.

But court papers on Wednesday show the oceanside retreat named after Buffett’s hit single is now claiming $599,409 from the crypto hedge fund, in keeping with Insider. 

FTX employees reportedly stayed “for weeks or months” in about 20 suites at One Particular Harbour — a luxury tower connected to the fundamental Margaritaville resort, in keeping with Bloomberg.

FTX’s investment affiliate Alameda Research was reportedly wanted by Margaritaville resort within the Bahamas over a $55,319 bar tab. Margaritaville Resort Nassau

Resort staffers said staff from the since-imploded firm would pile right into a shuttle within the morning and return to Margaritaville after their workday at the corporate’s Bahamas-based headquarters, in keeping with reports.

FTX’s officers were situated on the opposite side of the island and the trip reportedly took roughly half-hour.

Meanwhile, court filings this week also show that investment arm Alameda Research racked up a $400,000 Doordash bill within the months leading as much as the crypto giant’s spectacular implosion. 

Documents filed in Delaware bankruptcy court on Wednesday revealed an unpaid tab of $403,765 from the food delivery app to FTX entities.

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

DoorDash logoDocuments filed in Delaware bankruptcy court on Wednesday revealed an unpaid tab of $403,765 from the food delivery app to FTX entities. SOPA Images/LightRocket via Getty Images

Former employees previously told the Financial Times 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 most costly meal available for delivery to FTX’s Berkeley, California office was a $56 Latest York strip steak and lobster from Japanese restaurant Hana, in keeping with Insider.

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

SBF leaves federal courtBankman-Fried leaves federal court in February. Gregory P. Mango

FTX US made two substantial payments to DoorDash in 2022 with the entity of around 75 employees.

The primary payment of $173,000 got here in May, followed by one other $183,000 in July, in keeping with Axios reports in November

Alameda Research still has an impressive Doordash balance of $46,239, court papers show. 

Sam Bankman-FriedLawyers handling the Chapter 11 case say Bankman-Fried had a $65 billion line of credit as his “personal piggy bank.” Gabriella Bass

Lawyers handling the Chapter 11 case say Bankman-Fried had a $65 billion line of credit as his “personal piggy bank,” which he used to fund spending on real estate and political donations, meaning FTX couldn’t cover all its customer withdrawals. 

Bankman-Fried and his associates also utilized company funds to buy $300 million in luxury real estate within the Bahamas and several other high-end properties within the exclusive Albany community, FTX attorneys revealed. 

With Post wires

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