FTX Pre-Mortem Overview - https://sambf.substack.com/p/ftx-pre-mortem-overview

As of the end of 2021, then, it would have taken a ~94% market crash to drag Alameda underwater!

"If FTX had been given a few weeks to raise the necessary liquidity, I believe it would have been able to make customers substantially whole"

it's an incoherent statement

if you're at a point where you're hoping to make depositors "substantially whole" your equity is worth zero, and you certainly will not be able to raise capital by selling it