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The crypto lender will be permitted to restore a part of client monies frozen at the Metropolitan Commercial Bank. Contrary to AlamedaFTX's continuing public pronouncements, troubled crypto lender Voyager Digital Holdings says it has received several "higher and better" acquisition proposals than the one made in July.
In addition, the court presiding over the company's bankruptcy proceedings in New York has authorized the release of $270 million in client cash held at Metropolitan Commercial Bank (MCB).
Voyager indicated in a Second Day Hearing Presentation on Thursday that it has heard from as many as 88 parties interested in rescuing the firm from its financial troubles and that it is engaged in "active negotiations" with over 20 potentially interested parties.
In July, Alameda and FTX submitted one of the most prominent offers. Alameda had planned to acquire all of Voyager’s assets and existing liabilities, except the defaulted loan to Three Arrows Capital, liquidate the assets, and distribute the proceeds in USD via the FTX US exchange.
Voyager rejected this on July 25 because it did not “maximize value” for its consumers. Contrary to AlamedaFTX’s alleged “inaccurate” public remarks, the firm highlighted that it has already received bids through the marketing process that are “higher and better than their plan.”
Voyager added that it has also addressed a second stop and desist letter to AlamedaFTX addressing its “inaccurate” public remarks, clarifying that AlamedaFTX does not have an “edge” over other bidders.
Judge Michael Wiles of the U.S. Bankruptcy Court has granted Voyager the green light to restore a part of its customers’ cash deposits. In contrast, Voyager has received word of additional prospective bidders.
On Thursday, the Wall Street Journal reported that Wiles indicated that Voyager had supplied “adequate support” for its assertion that clients should be permitted access to the $270 million cash-filled custodial account kept at the Metropolitan Commercial Bank.
When the company filed for bankruptcy on July 5, Voyager had monies stored in the bank account. When bankruptcy procedures commenced, this money was frozen.
Stephen Ehrlich, the chief executive officer of Voyager Digital, stated in July that he planned to refund client monies from MCB once a “reconciliation and fraud prevention procedure” was finished, and the company allegedly requested the funds in MCB be released on July 15.
Voyager’s debt is less than $10 billion from about 100,000 debtors. Still, it is not the first cryptocurrency brokerage, lender, or investment organization that has fallen on hard times for itself and its consumers. Celsius, Three Arrows Capital, and BlockFi have been swept up in the continuing drama.
