Information and Updates from the Official Committee of Unsecured Creditors of Voyager Digital Holdings, Inc.
Jan 21, 2023 • 5 tweets • 1 min read
1/ The 51% estimated recovery is merely for illustrative purposes and uses Dec. 18 spot prices as an example. The estimated recovery by creditors will rise or fall depending on the fair market value of the cryptocurrency held on Voyager’s platform.
2/ Each creditor’s claim amount is equal to the value of such creditor’s claim in US dollars on July 5, 2022, which is the date of Voyager’s bankruptcy filing. To illustrate this point, assume that a creditor held 1 BTC in a Voyager account as of July 5, 2022.
Jan 21, 2023 • 12 tweets • 2 min read
1/ All causes of action Voyager is entitled to bring will be transferred to the Wind-Down Entity. The Wind-Down Entity will investigate all potential causes of action against third parties and pursue litigation for their roles in Voyager’s demise.
2/ These are known as “estate causes of action.” Only the Wind-Down Entity, not individual creditors, will be able to pursue these claims. Creditors may have direct causes of action that they can bring against third parties.
Jan 15, 2023 • 25 tweets • 4 min read
1/ We understand that Voyager’s Plan and Disclosure Statement are cumbersome. We encourage all creditors to review the documents in their entirety. We also wanted to highlight some relevant sections that provide answers to many questions that we are seeing.
2/ Both of these sections are Exhibits to the Disclosure Statement. The Disclosure Statement is available at cases.stretto.com/public/x193/11….
First, Voyager has included the “Liquidation Analysis” as Exhibit B to the Disclosure Statement.
Jan 13, 2023 • 5 tweets • 2 min read
1/ Although Binance.US assured the UCC that the transferred crypto would be protected, given the unexpected collapse of FTX and the general risk of theft and fraud in the cryptocurrency industry, the UCC sought greater protections from https://t.co/5sjac1H4CW.
2/ Pursuant to the Amended Purchase Agreement, after the transaction closes, crypto will move from Voyager to Binance.US on a weekly basis, and the only crypto that will be transferred is crypto that will be immediately distributed to creditor accounts.
