Lookzy: all your daily legal news in 0.1 billable hours. Plain English coverage of deals, litigation and legal trends trusted by lawyers at Cravath, Latham, Skadden, Gunderson and elsewhere.

Welcome to Lookzy. In today's Lookzy:

• SBF is paying his legal bills using customer money

• Google sanctioned for deleting evidence

• A potential $10 billion satellite company merger to rival SpaceX

• A $3.3 billion IPO delayed amid market and CS worries

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Customers footing bill. FTX founder Sam Bankman-Fried is reportedly paying his extensive legal fees from a greater than $10 million dollar gift he gave his father, Stanford Law professor Joseph Bankman, with money borrowed from FTX’s sister hedge fund, Alameda Research. The gift was made in 2021 while he was CEO of FTX. SBF is expected to be arraigned today in Manhattan.

Lawyering up. Catherine Coley, who helped launch and build Binance.US in 2019 for two years before suddenly leaving the company, has reportedly hired Sullivan & Cromwell partner James McDonald to represent her in any US government investigations of Binance.US. This report comes days after the CFTC's suit against Binance (but not Binance.US), but the posture of that suit and other rumors have suggested more is likely coming for the company.

(Don't) shred everything. A federal judge in California presiding over a consumer class action multi-district litigation involving Google ruled that Google intentionally destroyed employee chats and other messaging evidence. The judge determined that Google must pay sanctions and face a possible penalty at trial.

LIBOR rigging. US prosecutors moved to drop criminal charges against two bankers at Société Générale who were accused of submitting false LIBOR submissions to rig LIBOR - the London Interbank Offered Rate, a world benchmark for short-term interest rates - from 2010-2011. While prosecutors did not explain the change, the dropping of charges follows a number of related losses at the Second Circuit.

THE DEAL

Wheelin' and dealin' today's corporate news

Satellite wars. SES SA is reportedly in talks to combine with rival Intelsat SA to create a European satellite giant that can better compete with billionaire Elon Musk's SpaceX. The potential deal is valued at more than $10 billion, including debt. SES has confirmed that it is in advanced talks and is aiming to reach an agreement with Intelsat as soon as the next few weeks.

Persistence in negotiations. 3D printer maker Nano Dimension Ltd raised its offer to buy the rest of peer Statasys Ltd. that it does not already own, now offering $1.2 billion for the remaining 85.5% of the company. Nano currently owns about 14.5% of Stratasys's outstanding shares and is the largest shareholder. When Nano disclosed its 12.12% stake last summer, Statasys had initially adopted a limited shareholder rights plan ("poison pill").

Delayed IPO. Swedish investment firm EQT is delaying a planned $3.3 billion IPO of skincare group Galderma amid market volatility. Galderma had already once delayed its IPO due to market conditions. Key Galderma shareholders are additionally considering whether to keep Credit Suisse in a lead position in the offering after the bank's recent turmoil.

BOILERPLATE

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