Creditors of Voyager Digital to Pay $5 Million in Interim Fees
Creditors of the bankrupt crypto lending platform Voyager Digital will be required to pay over $5 million for the third interim fee period, which ended in mid-May. The law firm McDermott Will & Emery, representing the Official Committee of Unsecured Creditors, has billed the creditors’ group a total of approximately $16.5 million for its services in less than a year.
Key Points:
- McDermott Will & Emery has charged the Voyager creditors’ group $5.17 million for the third interim fee period.
- The total bill for McDermott Will & Emery’s services from July 2022 to May 2023 amounts to $16.48 million.
- The creditors’ group has paid $8.9 million so far, with $1 million going towards planning and disclosure settlement.
- Voyager Digital was close to being acquired by FTX and Binance.US, but both deals fell through.
- The regulatory climate in the United States impacted the acquisition attempts, leading to Voyager’s bankruptcy filing.
Hot Take:
The bankruptcy proceedings of Voyager Digital have proven to be costly for its creditors, with the law firm McDermott Will & Emery billing over $16 million in less than a year. The failed acquisition attempts by FTX and Binance.US, coupled with regulatory challenges, have contributed to the financial struggles of the crypto lending platform. This case highlights the importance of thorough due diligence and careful consideration of legal implications in the volatile world of cryptocurrency.
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