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Voyager creditors reject $1.9 million employee retention proposal

Published on

December 23, 2022
Read Time:1 Minute, 48 Second

The Voyager Digital Holdings Committee of Unsecured Collectors has filed a movement to attraction in opposition to the corporate's proposal to retain its workers by paying them money incentives for staying with the corporate.

On August 2, Voyager Digital filed a lawsuit movement in the US Chapter Courtroom within the Southern District of New York to approve the Key Worker Retention Plan (KERP), which goals to distribute $1.9 million to 38 key workers who're thought of essential to the operations of the inventory trade have been deemed.

Nonetheless, the trade's collectors disagreed with the proposal. In a single movement filed On August 19, collectors offered their objections to the proposed KERP and related help grants. They write:

"At a time when 1000's of collectors are struggling to pay for fundamental private bills due to the debtors' flawed enterprise mannequin, the debtors are actually seeking to pay bonuses to their already well-paid workers."

The collectors additionally argued that Voyager was unable to offer adequate causes to justify the withholding plan. As well as, collectors mentioned there was inadequate proof to indicate that the workers who have been a part of the retention plan really intend to go away.

Other than that, the submitting submitted by the collectors additionally famous that the present crypto winter permits the corporate to rent from a pool of expertise that's now obtainable. "With current cuts and layoffs throughout the business, a bevy of recently-quited professionals may fill their roles," they wrote.

Associated: Buyers lament doubtlessly misplaced "tens of millions" from Voyager's chapter

Earlier this month, billionaire investor Mark Cuban was sued for selling Voyager merchandise. A regulation agency filed a civil go well with in opposition to Cuban, requesting a jury listening to on the case. The lawsuit alleged that Cuban used his expertise to influence buyers to take a position their life financial savings in Voyager.

In July, the crypto trade filed for chapter, mentioning that the corporate owes cash to greater than 100,000 collectors. In line with the corporate, this transfer is a part of a restoration plan that goals to provide worth again to its clients upon implementation.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 23, 2022
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