Voyager Digital collectors’ attorneys to pocket $16.48M after the latest bill

• Within the third and closing invoice attorneys representing Voyager Digital collectors have billed $5.1 million.
• When all of the invoices are absolutely paid, Voyager Digital collectors could have paid a complete of $16.48 million to the attorneys.
• The authorized fees will prime the agency’s chapter finances by $5.28 million from the preliminary $11.2 million.

Within the latest courtroom submitting, the collectors of bankrupt cryptocurrency brokerage firm Voyager Digital have been billed $5.1 million by New York-based regulation agency McDermott Will & Emery. The agency is billing for companies provided between March 1 and Might 13, 2023.

The regulation agency submitted a courtroom submitting on July 3 billing the authorized prices to the “Official Committee of Unsecured Collectors.” In keeping with the submitting, the regulation agency billed for its companies at an hourly price of $1,026.76.

In complete, the regulation agency is charging for five,332.6 hours {of professional}, semi-professional, and non-professional companies, together with advising the unsecured Voyager collectors committee. It additionally needs to be reimbursed $151,221 for its bills.

How a lot have Voyager Digital collectors paid thus far?         

McDermott Will & Emery regulation agency submitted its third and closing invoice, bringing its complete compensation between July 5, 2022, and Might 19, 2023, to $16.48 million, of which $8.97 million has already been paid by the collectors.

McDermott Will & Emery isn’t the one regulation agency that’s keen to assist Voyager, although. Authorized counsel Kirkland & Ellis additionally despatched Voyager a invoice for $1.1 million in authorized prices for the month of April on June 28.

Voyager Digital woes

Voyager Digital filed for Chapter 11 chapter in July 2022, after the large crypto meltdown that resulted from the collapse of Terra Luna. On the time, Voyager owed $620 million to the at the moment bankrupt crypto hedge fund Three Arrows Capital.

The chapter courtroom has since ordered Voyager to pay interim reimbursement to the professionals together with its attorneys.

Voyager had agreed to FTX’s bid for its belongings simply earlier than FTX went down and in addition filed for chapter that means the deal didn’t undergo.

Voyager then agreed to promote its belongings to Binance.US however Binance.US pulled out of the deal triggering the liquidation of Voyager. Binance.US has additionally been locked in a authorized battle with the US Securities and Exchanges Fee (SEC) which lately sued it for violating the nation’s securities legal guidelines.