The Voyager bankruptcy plan administrator released the "Seventh Status Report for Creditors", the core content of which is as follows:
1) The first round of distribution has been completed:
However, there are still about $16 million in checks that have not been collected and cashed, which are considered unclaimed and will be returned to the general recovery fund and distributed proportionally to the remaining eligible creditors;
2) The second round of distribution:
It will start on July 31, 2024, with a total of approximately $589 million, which will be distributed only by checks, and no physical distribution option will be provided. This distribution accounts for 34.28% of the outstanding claims. Together with the initial distribution, creditors will receive 70% of their approved claims;
3) Three Arrows Capital claims:
Received an initial distribution of $20.43 million in April 2024 and a second distribution of $19 million in July 2024.
More distributions are expected in the future, but the timing and amount are uncertain;
4) Other litigation claims:
* A settlement agreement for claims related to former directors and executives is awaiting court approval, promising to pay creditors $14.35 million
* Demand letters were sent to 230 individuals/entities, and a settlement of more than $11 million was reached. For cases where no settlement was reached, 75 lawsuits were filed and negotiations continued;
5) The report did not mention any content related to the sale of Voyager's bankruptcy estate (platform technology/contracts/licenses, etc.);
It has been a year since the bankruptcy distribution plan was voted through, and it has taken two rounds of distribution for our creditors to get back 70% of the compensation assets, and each time it was like squeezing toothpaste. This is the time torture caused by not selling the claims early.
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