Law Firms Bill Millions to Voyager Digital Creditors
Law firm charges and payments:
– McDermott Will & Emery billed creditors of Voyager Digital $5.1 million for legal services.
– The bill brings McDermott Will & Emery’s total compensation to $16.48 million.
– Creditors have paid the law firm a total of $8.97 million so far.
– Kirkland & Ellis charged Voyager and related debtors $27.97 million for legal services.
– Debtors have paid $23.38 million in compensation to Kirkland & Ellis.
Voyager’s bankruptcy and legal services:
– Voyager filed for Chapter 11 bankruptcy protection in July 2022.
– The bankruptcy was caused by the credit crisis in the crypto market.
– McDermott Will & Emery and Kirkland & Ellis provided legal services to Voyager during the bankruptcy process.
Law firms’ involvement with other crypto firms:
– Kirkland & Ellis has served other bankrupt crypto firms like BlockFi and Celsius.
Hot Take:
It is concerning to see the high legal fees charged to Voyager Digital creditors. The amount billed by law firms raises questions about the cost-effectiveness of the legal services provided. It is important for all parties involved to ensure that legal fees are reasonable and justified, especially in a bankruptcy case where creditors are already facing financial losses. Transparency and accountability in legal billing should be a priority to protect the interests of creditors and maintain trust in the legal system.
Continue reading on Theblock.co
By
By
By
By
By