{"id":22055,"date":"2023-07-04T13:40:12","date_gmt":"2023-07-04T13:40:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/voyager-digital-creditors-lawyers-to-pocket-16-48m-after-the-recent-invoice\/"},"modified":"2023-07-04T13:40:12","modified_gmt":"2023-07-04T13:40:12","slug":"voyager-digital-creditors-lawyers-to-pocket-16-48m-after-the-recent-invoice","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/voyager-digital-creditors-lawyers-to-pocket-16-48m-after-the-recent-invoice\/","title":{"rendered":"Voyager Digital creditors\u2019 lawyers to pocket $16.48M after the recent invoice"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1688476222721-efa95227-ec36-462b-a7ce-07a28e2a131c-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1688476222721-efa95227-ec36-462b-a7ce-07a28e2a131c-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1688476222721-efa95227-ec36-462b-a7ce-07a28e2a131c-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1688476222721-efa95227-ec36-462b-a7ce-07a28e2a131c-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul class=\"decimal_type\">\n<li>In the third and final bill lawyers representing Voyager Digital creditors have billed $5.1 million.<\/li>\n<li>When all the invoices are fully paid, Voyager Digital creditors will have paid a total of $16.48 million to the lawyers.<\/li>\n<li>The legal charges will top the firm\u2019s bankruptcy budget by $5.28 million from the initial $11.2 million.<\/li>\n<\/ul>\n<p>In the recent court filing, the creditors of bankrupt cryptocurrency brokerage company Voyager Digital have been billed $5.1 million by New York-based law firm McDermott Will &amp; Emery. The firm is billing for services offered between March 1 and May 13, 2023.<\/p>\n<p>The law firm submitted a <a href=\"https:\/\/cases.stretto.com\/public\/x193\/11753\/PLEADINGS\/1175307042380000000001.pdf\">court filing<\/a> on July 3 billing the legal costs to the \u201cOfficial Committee of Unsecured Creditors.\u201d According to the filing, the law firm billed for its services at an hourly rate of $1,026.76.<\/p>\n<p>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 wants to be reimbursed $151,221 for its expenses.<\/p>\n<h2>How much have Voyager Digital creditors paid so far? \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/h2>\n<p>McDermott Will &amp; 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.<\/p>\n<p>McDermott Will &amp; Emery isn\u2019t the only law firm that is willing to help Voyager, though. Legal counsel Kirkland &amp; Ellis also sent Voyager a bill for $1.1 million in legal costs for the month of April on June 28.<\/p>\n<h2>Voyager Digital woes<\/h2>\n<p>Voyager Digital <a href=\"https:\/\/coinjournal.net\/news\/cryptocurrency-broker-voyager-digital-files-for-chapter-11-bankruptcy\/\">filed for Chapter 11 bankruptcy<\/a> in July 2022, after the massive crypto meltdown that resulted from the collapse of Terra Luna. At the time, Voyager <a href=\"https:\/\/coinjournal.net\/news\/voyager-digital-issues-notice-of-default-to-three-arrows-capital\/\">owed $620 million<\/a> to the currently bankrupt crypto hedge fund Three Arrows Capital.<\/p>\n<p>The bankruptcy court has since ordered Voyager to pay interim reimbursement to the professionals including its lawyers.<\/p>\n<p>Voyager had agreed to <a href=\"https:\/\/coinjournal.net\/news\/ftx-us-wins-bid-to-acquire-voyager-digitals-assets\/\">FTX\u2019s bid for its assets<\/a> just before FTX went down and also filed for bankruptcy meaning the deal did not go through.<\/p>\n<p>Voyager then agreed to sell its assets to Binance.US but Binance.US pulled out of the deal triggering the liquidation of Voyager. Binance.US has also been locked in a legal battle with the US Securities and Exchanges Commission (SEC) which recently sued it for violating the country\u2019s securities laws.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/voyager-digital-creditors-lawyers-to-pocket-16-48m-after-the-recent-invoice\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) In the third and final bill lawyers representing Voyager Digital creditors have billed $5.1 million. When 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 top the firm\u2019s [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":22056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22055"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22055"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22056"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}