{"id":81188,"date":"2023-07-04T12:41:22","date_gmt":"2023-07-04T09:41:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81188"},"modified":"2025-09-11T21:25:25","modified_gmt":"2025-09-11T18:25:25","slug":"voyager-creditors-will-pay-5-1-million-for-lawyers-services","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/voyager-creditors-will-pay-5-1-million-for-lawyers-services\/","title":{"rendered":"Voyager creditors will pay $5.1 million for lawyers’ services"},"content":{"rendered":"

The law firm McDermott Will & Emery sent a bill<\/a> to the official creditors’ committee of the bankrupt crypto broker Voyager Digital for $5.1 million for three months of work.<\/p>\n

According to the document, total attorney compensation from July 2022 to May 2023 amounted to $16.48 million. Of that, Voyager has already paid $8.97 million.<\/p>\n

In the court documents<\/a> it is stated that another law firm, Kirkland & Ellis, for the same period sought $28.46 million from Voyager and related debtors. To date the company has paid $23.38 million.<\/p>\n

In April alone, Kirkland & Ellis demanded<\/a> $1.12 million from the crypto broker as reimbursement of expenses and fees. Earlier, the firm\u2019s lawyers reserved $259.6 million for court costs, administrative claims and other \u201cwithholdings\u201d.<\/p>\n

On July 5, 2022, Voyager Digital filed a bankruptcy filing<\/a>. The company reported total obligations in a range from $1 billion to $10 billion.<\/p>\n

The broker is one of the creditors of hedge fund Three Arrows Capital. The latter failed to repay a debt of 15,250 BTC and $350 million USDC, therefore in June Voyager Digital sent him a default notice<\/a>.<\/p>\n

In December 2022, Binance.US offered the highest bid<\/a> for Voyager\u2019s assets \u2014 $1.02 billion. However regulators, including the U.S. Securities and Exchange Commission and the New York Department of Financial Services, opposed<\/a> the deal.<\/p>\n

During the hearings in the case, regulators’ representatives said that Binance\u2019s U.S. unit runs an unregistered securities exchange<\/a>. The U.S. Department of Justice also opposed<\/a>. On March 28, 2023, the court stopped the sale of assets<\/a>.<\/p>\n

Earlier in May, Voyager Digital said that it was preparing for liquidation and payments to creditors<\/a> ‘within a few weeks’. Payments are planned in fiat and cryptocurrency. The company\u2019s clients will receive 36 cents<\/a> on the dollar of assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The law firm McDermott Will & Emery sent a bill to the official creditors’ committee of the bankrupt crypto broker Voyager Digital for $5.1 million for three months of work.<\/p>\n","protected":false},"author":1,"featured_media":81189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1546],"class_list":["post-81188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-voyager"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81188"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81188\/revisions"}],"predecessor-version":[{"id":81190,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81188\/revisions\/81190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81189"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}