Voyager Digital Creditors to Pay Lawyers $16.48 Million in Bankruptcy Case

3:54 pm
July 4, 2023

Lawyers representing Voyager Digital creditors are set to receive $16.48 million in legal fees, according to recent court filings. New York-based law firm McDermott Will & Emery has billed the creditors $5.1 million for services provided between March 1 and May 13, 2023. The total legal charges will exceed the initial budget by $5.28 million. Kirkland & Ellis, another law firm, has also submitted a bill for $1.1 million in legal costs.

Summary

Creditors of Voyager Digital, a bankrupt cryptocurrency brokerage company, have been billed $5.1 million by McDermott Will & Emery for legal services. The total compensation for the law firm, once paid in full, will amount to $16.48 million. The bankruptcy court has ordered Voyager to pay interim reimbursement to its professionals, including lawyers. Voyager Digital filed for Chapter 11 bankruptcy in July 2022 and has faced difficulties in selling its assets to FTX and Binance.US.

How much have Voyager Digital creditors paid so far?

McDermott Will & Emery has submitted its third and final bill, bringing the total compensation between July 5, 2022, and May 19, 2023, to $16.48 million. Of this amount, creditors have already paid $8.97 million. Kirkland & Ellis has also sent a bill for $1.1 million in legal costs.

Frequently Asked Questions (FAQ)

What is Voyager Digital?

Voyager Digital is a cryptocurrency brokerage company that filed for Chapter 11 bankruptcy in July 2022.

How much will lawyers representing Voyager Digital creditors receive?

Lawyers from McDermott Will & Emery will receive $16.48 million in total for their services.

When were the legal services provided?

The services were provided between March 1 and May 13, 2023.

Has Voyager Digital paid any of the legal fees?

Yes, Voyager Digital creditors have already paid $8.97 million of the $16.48 million in legal fees.

Has any other law firm billed Voyager Digital for legal costs?

Kirkland & Ellis has also submitted a bill for $1.1 million in legal costs.

What challenges has Voyager Digital faced in selling its assets?

Voyager Digital initially agreed to a deal with FTX but FTX subsequently filed for bankruptcy. Voyager then agreed to sell its assets to Binance.US, but Binance.US pulled out of the deal, leading to Voyager’s liquidation.

Is Binance.US involved in any other legal disputes?

Yes, Binance.US is currently involved in a legal battle with the US Securities and Exchanges Commission (SEC) which recently sued it for violating the country’s securities laws.


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