Sorry FTX clients but you'll be lucky to see anything

Sorry FTX clients but you'll be lucky to see anything. I have to say it and I really feel bad for you all but you need a little dose of reality. I know a lot of you have never gone through this kind of thing before but let me offer an anecdotal example as to how bankruptcy works.

Back in 1999, I had sunk about 6K into a venture capital project. Government sponsored. Supposedly, all are on the up and up. It turned out to be a scam. The company running the fund went bankrupt, and all the remaining assets went into receivership. We were all told that we'd receive a payout once the auditors had concluded their business and the remaining assets were liquidated. At the time I had roughly 40 shares valued at about $150 each.

So we waited and waited. Every so often, I'd get a notice from the auditors telling me what my aprox value was. In 2005, I received a payout of about $500 and was told more was to come. Then, in 2011, I received my final payout. My share were valued about $0.25 so it came out to $10 and the file was closed.

Where did everything go? Accounting fees, receivership fees, and most importantly, lawyers. Every single claim was dragged into court, and the remaining funds were bled dry until 12 years later, but there was almost nothing left. Now that's with a regulated fund. FtX was anything but. Every single claim is going to be dragged out and litigated to death and its going to cost a fortune.

Sorry, but cut your losses, take it off your books. And accept that it's over. Again, I'm really sorry to have to say this as I know a lot of you are hurting, but it's better to face reality now.