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Creditors to bankrupt crypto lending platform Voyager Digital will pay more than $5 million for the third interim fee period, which ended in mid-May.
In total, McDermott Will & Emery has charged a group of Voyager creditors about $16.5 million for its services less than a year ago.
legal expenses
McDermott Will & Emery, the law firm representing the official committee of unsecured creditors in the bankruptcy case of cryptocurrency platform Voyager Digital Holding Inc., has billed the group of creditors $5.17 million for the third interim fee period between March 1, 2023 and May 18. . 2023.
For the entire fee period from 22 July 2022 to 18 May 2023, the law firm has Bill Group of Creditors $16.48 million.
Initially, $11.2 million was set aside to pay the law firm for its services. So far, the group of creditors has paid $8.9 million. A substantial portion of the bill – $1 million – accrued on the planning and disclosure settlement. In this part of the work, it was important to discuss the sales options, meet the buyers and check the objections. And that mostly consisted of the sale of Voyager to FTX.
failed deals
After filing for bankruptcy, Voyager Digital was twice close to acquisition. In October, FTX won the bid to buy it for $1.4 billion, beating Binance in the race. However, creditors opposed the deal because it included a clause that provided immunity, or “broad release”, from future bankruptcy lawsuits for top Voyager executives. Subsequently, FTX was caught in a liquidity crisis, which led it to file for bankruptcy.
Voyager Digital filed for Chapter 11 bankruptcy in July 2022, after suffering heavy losses due to exposure to Singapore-headquartered hedge fund Three Arrows Capital (3AC).
In April, Binance.US pulled out of a $1 billion deal to buy Voyager’s assets after issues with local regulators.
Binance’s US affiliate said in a statement, “While our hope during this process was to help Voyager’s customers access their crypto, the hostile and uncertain regulatory environment in the United States has created a significant impact on the entire US trading community.” introduced an unexpected operating environment.”
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
Creditors to bankrupt crypto lending platform Voyager Digital will pay more than $5 million for the third interim fee period, which ended in mid-May.
In total, McDermott Will & Emery has charged a group of Voyager creditors about $16.5 million for its services less than a year ago.
legal expenses
McDermott Will & Emery, the law firm representing the official committee of unsecured creditors in the bankruptcy case of cryptocurrency platform Voyager Digital Holding Inc., has billed the group of creditors $5.17 million for the third interim fee period between March 1, 2023 and May 18. . 2023.
For the entire fee period from 22 July 2022 to 18 May 2023, the law firm has Bill Group of Creditors $16.48 million.
Initially, $11.2 million was set aside to pay the law firm for its services. So far, the group of creditors has paid $8.9 million. A substantial portion of the bill – $1 million – accrued on the planning and disclosure settlement. In this part of the work, it was important to discuss the sales options, meet the buyers and check the objections. And that mostly consisted of the sale of Voyager to FTX.
failed deals
After filing for bankruptcy, Voyager Digital was twice close to acquisition. In October, FTX won the bid to buy it for $1.4 billion, beating Binance in the race. However, creditors opposed the deal because it included a clause that provided immunity, or “broad release”, from future bankruptcy lawsuits for top Voyager executives. Subsequently, FTX was caught in a liquidity crisis, which led it to file for bankruptcy.
Voyager Digital filed for Chapter 11 bankruptcy in July 2022, after suffering heavy losses due to exposure to Singapore-headquartered hedge fund Three Arrows Capital (3AC).
In April, Binance.US pulled out of a $1 billion deal to buy Voyager’s assets after issues with local regulators.
Binance’s US affiliate said in a statement, “While our hope during this process was to help Voyager’s customers access their crypto, the hostile and uncertain regulatory environment in the United States has created a significant impact on the entire US trading community.” introduced an unexpected operating environment.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
