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The committee of unsecured #creditors for Voyager has received a $5.1 million charge from the legal team McDermott Will & Emery for the work it did from March to May.
The group has now been charged a total of $16.4 million in compensation, which is more than the $11.2 million that was planned as part of the restructuring process. Of this billed compensation, the creditors have already disbursed $8.9 million.
For the time period, McDermott lawyers billed $1 million for 970.9 hours of work on the plan and disclosure settlement, which involved talking with the #Debtors about sale options, meeting potential #buyers, and assessing their objections as well as those of other parties.
The group has now been charged a total of $16.4 million in compensation, which is more than the $11.2 million that was planned as part of the restructuring process. Of this billed compensation, the creditors have already disbursed $8.9 million.
For the time period, McDermott lawyers billed $1 million for 970.9 hours of work on the plan and disclosure settlement, which involved talking with the #Debtors about sale options, meeting potential #buyers, and assessing their objections as well as those of other parties.
The Official Committee of #Unsecured Creditors for #BlockFi stated in a recent court document that it is "time" for #creditors to understand what BlockFi was and who former CEO "Zac Prince truly is."
The UCC is requesting that the court appoint a Chapter 11 trustee, end the debtors' exclusivity periods, or change the cases to Chapter 7 proceedings.
Customers of Voyager, Celsius, and even #FTX are generally aware of what transpired when their individual businesses collapsed. The UCC counters that because BlockFi consumers do not yet fully comprehend what transpired, it is "facilitating case mischief."
According to the complaint, BlockFi's cases are costing $16 million each month.
The UCC is requesting that the court appoint a Chapter 11 trustee, end the debtors' exclusivity periods, or change the cases to Chapter 7 proceedings.
Customers of Voyager, Celsius, and even #FTX are generally aware of what transpired when their individual businesses collapsed. The UCC counters that because BlockFi consumers do not yet fully comprehend what transpired, it is "facilitating case mischief."
According to the complaint, BlockFi's cases are costing $16 million each month.