{ "docId": "019de514-88e4-7569-8248-8ac584b4f0a2", "docSlug": "95b234ec5d9634b3881dfc0ec853a901", "documentTitle": "BlockFi | Investor Conference Presentation Deck | 45 slides", "authorId": "blockfi", "authorName": "BlockFi", "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2022-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 39, "pageCount": 45, "prevPage": 38, "nextPage": 40, "slideType": "regulatory-filing", "function": "establish_context", "density": "dense", "nDataPoints": 0, "notes": "The slide displays two pages of a legal document, likely a bankruptcy filing, with the BlockFi logo in the top right corner.", "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de514-88e4-7569-8248-8ac584b4f0a2/39", "deckHref": "/decks/019de514-88e4-7569-8248-8ac584b4f0a2", "deckJsonHref": "/decks/019de514-88e4-7569-8248-8ac584b4f0a2.json", "deckAnchorHref": "/decks/019de514-88e4-7569-8248-8ac584b4f0a2#slide-39", "components": [ { "bbox": { "h": 0.025, "w": 0.0967, "x": 0.8542, "y": 0.0492 }, "kind": "image", "text": "BlockFi", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4d183ee-d6c7-4fb0-a439-bf62daae4d0f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.7917, "w": 0.4333, "x": 0.0425, "y": 0.1083 }, "kind": "paragraph", "text": "Case 22-11068-JTD Doc 24 Filed 11/17/22 Page 1 of 30\nIN THE UNITED STATES BANKRUPTCY COURT\nFOR THE DISTRICT OF DELAWARE\nIn re:\nFTX TRADING LTD., et al.,\nDebtors.\nChapter 11\nCase No. 22-11068 (JTD)\n(Joint Administration\nDECLARATION OF JOHN J. RAY III IN SUP\nCHAPTER 11 PETITIONS AND FIRST DAY P\nI, John J. Ray III, hereby declare under penalty of\n1.\nI am the Chief Executive Officer of the\ndebtors-in-possession (collectively, the \"Debtors\"), having a\nmorning hours of November 11, 2022. I am administering\nfrom my offices in the United States.\n2.\nMy first official act in these ro\nthe Debtors and the commencement of the above-\nCases\").\n3.\nSince my appointment\nprofessionals at Alvarez & Marsal, Sulliva\na confidential cybersecurity firm, to secy\nreliable books and records, to assemb\nrespond to numerous inquiries fron\nThe last four digits of FTX Tra\ndebtor entities in these Chapte\ntax identification numbers is\nwebsite of the Debtors' pro", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a3b9ab7-5b52-4677-8a8e-807a0583b457", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.6417, "w": 0.4875, "x": 0.2625, "y": 0.2083 }, "kind": "paragraph", "text": "Case 22-11068-JTD Doc 24 Filed 11/17/22 Page 2 of 30\nU.S. Commodity Futures Trading Commission (\"CFTC\"), the U.S. Attorney's Office for the\nSouthern District of New York, the U.S. Securities and Exchange Commission (\"SEC\"), and the\nU.S. Congress, among others.\n4.\nI have over 40 years of legal and restructuring experience. I have been the\nChief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures\nin history. I have supervised situations involving allegations of criminal activity and\nmalfeasance (Enron). I have supervised situations involving novel financial structures (Enron\nand Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas\nShipholding). Nearly every situation in which I have been involved has been characterized by\ndefects of some sort in internal controls, regulatory compliance, human resources and systems\nintegrity.\n5.\nNever in my career have I seen such a complete failure of corporate\ncontrols and such a complete absence of trustworthy financial information as occurred here.\nFrom compromised systems integrity and faulty regulatory oversight abroad, to the concentration\nof control in the hands of a very small group of inexperienced, unsophisticated and potentially\ncompromised individuals, this situation is unprecedented.\n6.\nThese Chapter 11 Cases have five core objectives:\n(a)\nImplementation of Controls: the implementation of accounting, audit,\ncash management, cybersecurity, human resources, risk management, data\nprotection and other systems that did not exist, or did not exist to an\nappropriate degree, prior to my appointment;\n(b)\nAsset Protection & Recovery: the location and security of property of\nthe estate, a substantial portion of which may be missing or stolen;\n(c)\nTransparency and Investigation: the pending, comprehensive,\ntransparent and deliberate investigation into claims against Mr. Samuel\nBankman-Fried, the other co-founders of the Debtors and third parties, in", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7bca3297-e75b-48eb-9ad2-b297dc50638b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.0517, "w": 0.4008, "x": 0.0475, "y": 0.0492 }, "kind": "title", "text": "FTX Files Chapter 11", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "030274b8-c19f-4501-9221-43255a389b13", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "from": 33, "beatId": "ca7e77b3-6e9a-4578-b52c-23d0f6e1530e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Details on BlockFi's actions and responses to the challenges.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 40, "from": 34, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "80790e0c-92cf-4065-8248-8e686835a0f9", "evidence": "Details on the FTX rescue transaction and other actions taken.", "position": 1, "objective": "How effective was BlockFi's response to the challenges?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }