Voyager Digital creditors’ lawyers will receive $16.48M from the recent invoice.
- In the third and final bill, lawyers representing Voyager Digital creditors have billed $5.1 million.
- Once all the invoices are fully paid, Voyager Digital creditors will have paid a total of $16.48 million to the lawyers.
- The legal charges will exceed the firm’s bankruptcy budget by $5.28 million, from the initial $11.2 million.
In a recent court filing, the creditors of the bankrupt cryptocurrency brokerage company Voyager Digital have been billed $5.1 million by the New York-based law firm McDermott Will & Emery. The firm is billing for services provided between March 1 and May 13, 2023.
The law firm submitted a court filing on July 3, billing the legal costs to the “Official Committee of Unsecured Creditors.” According to the filing, the law firm billed for its services at an hourly rate of $1,026.76.
In total, the law firm is charging for 5,332.6 hours of professional, semi-professional, and non-professional services, including advising the unsecured Voyager creditors committee. It also seeks reimbursement of $151,221 for its expenses.
How much have Voyager Digital creditors paid so far?
The McDermott Will & Emery law firm submitted its third and final bill, bringing its total compensation between July 5, 2022, and May 19, 2023, to $16.48 million, of which $8.97 million has already been paid by the creditors.
- UK is the only G7 country with rising inflation, according to OECD data.
- No major recession crash is expected, as there is optimism regarding Bitcoin and cryptocurrency.
- Verge (XVG) price surges by 295%.
McDermott Will & Emery is not the only law firm willing to assist Voyager, however. Legal counsel Kirkland & Ellis also sent Voyager a bill for $1.1 million in legal costs for the month of April on June 28.
Voyager Digital woes
Voyager Digital filed for Chapter 11 bankruptcy in July 2022, following the significant cryptocurrency market crash resulting from the collapse of Terra Luna. At the time, Voyager owed $620 million to the now-bankrupt crypto hedge fund Three Arrows Capital.
Since then, the bankruptcy court has ordered Voyager to make interim reimbursement payments to professionals, including its lawyers.
Voyager had initially agreed to a bid from FTX for its assets, but FTX also filed for bankruptcy, causing the deal to fall through.
Voyager then agreed to sell its assets to Binance.US, but Binance.US withdrew from the deal, triggering the liquidation of Voyager. Binance.US is currently engaged in a legal battle with the US Securities and Exchange Commission (SEC), which recently sued the company for violating the country’s securities laws.
