1 year ago
The bankrupt brokerage answered objections from a big of funny parties, claiming its accusation disclosures are capable and truthful is its determination making.
Ho-ho-ho! Get Limited Holiday Trait!
Collect this nonfiction arsenic an NFT
Bankrupt crypto brokerage Voyager Digital filed documents successful United States tribunal Jan. 8 successful effect to objections raised to the Binance US connection to bargain retired its debt. Voyager announced it had approved the connection Dec. 19. The Securities and Exchange Commission (SEC), 4 states, the U.S. Trustee and Alameda Research filed objections to it.
Voyager stated successful 1 papers that objections to the Binance US connection “fail to enactment guardant immoderate factual oregon ineligible support” successful their arguments, portion Binance US offered creditors higher betterment rates than different proposals and expeditious recovery.
Voyager’s determination to judge the Binance.US program was an workout of dependable concern judgment, it argued. The “business judgement rule” is simply a ineligible doctrine that describes however courts should respect the decisions of a company’s executives. The papers stated:
“The Objections disregard the applicable realities of these section 11 cases and neglect to place immoderate transaction that provides a amended result for the Debtors’ creditors. There is none. And clip is of the essence successful these section 11 cases.”Voyager besides pointed retired that the statement preserved its “’fiduciary out’ should a higher oregon amended alternate transaction beryllium proposed.”
Objections from the U.S. Trustee and the states of Vermont, New York, Texas and Hawaii were dismissed successful the papers arsenic “premature.”
Cast your ballot now!A second, longer reply, dated Jan. 8, detailed the purported adequacy of the accusation provided successful the Binance.US program and argued successful item that different objections are premature and, successful the lawsuit of Alameda Research, frivolous.
Related: Investors question to merchantability FTX, Celsius, BlockFi, Voyager claims
The SEC had filed a constricted objection to the Binance US program Jan. 4 claiming the program was insufficiently detailed. Alameda claimed the program did not respect its indebtedness installation claims, which Voyager said it lone entered into the indebtedness statement “based connected AlamedaFTX’s fraudulent and mendacious representations.” Voyager entered into a $500 cardinal indebtedness statement with Alameda to assistance it screen losses it experienced aft the nonaccomplishment of the crypto task superior steadfast Three Arrows Capital.
The @binance connection to bargain @investvoyager for $1.02B makes nary sense, unless they're not readying to marque users whole.
$1B of is owed to Voyager customers.
Let's GENEROUSLY presume that Binance keeps 1M of the 3.5M Voyager users.
$1000 per idiosyncratic is ridiculous.
What's CZ's angle?
Voyager filed for Chapter 11 bankruptcy connected July 5. According to the shorter tribunal filing Jan. 8, Voyager entered into discussions with 96 3rd parties funny successful its business.
FTX US won the auction for Voyager assets successful September. The bidding process was renewed aft FTX’s bankruptcy, starring to offers from CrossTower, INX and others.
English (US) 