Compute North paid top execs roughly $3M benefits before filing for bankruptcy

Bankrupt Bitcoin (BTC) mining information halfway relation Compute North paid its apical executives implicit $3 cardinal successful benefits earlier filing for bankruptcy connected Sept. 22, according to an Oct. 28 court filing.

The tribunal documents showed that the steadfast paid its erstwhile CEO Dave Perrill $612,792 for payroll and benefits. The bankrupt lender paid companies related to Perrill, similar BHI HOLDINGS LLC, WAND Corporation, and others, implicit $300,000 for monthly lease charges and different services.

Other apical executives similar President Edward Drake Harvey III and main commercialized serviceman Kyle Wenzel got astir $500,000, respectively. The main ineligible serviceman Jason Stokes got $325,000, portion Harold Coulby, the main fiscal officer, was paid astir $250,000. Chief medication serviceman Spencer William received $211,000.

The steadfast besides paid its erstwhile executives Marshall Johnson, Tad Piper, and Nelu Mihai implicit $800,000, cumulatively. According to the tribunal filing, the outgo included their severance payment.

Meanwhile, the information halfway relation besides paid committee fees to respective committee members a week earlier it filed for bankruptcy. Those paid included Eli Scher, Scott Tillman, Tom Kieffer, etc.

Compute North did not respond to CryptoSlate’s petition for remark arsenic of property time.

The bankrupt crypto steadfast owes $500 cardinal to astir 200 creditors, and its assets are valued astatine implicit $100 million.

The station Compute North paid apical execs astir $3M benefits earlier filing for bankruptcy appeared archetypal connected CryptoSlate.