Trouble in Selling Voyager Digital to FTX! Managers Demand Protection!

Partially corrected court files released today, Voyager of managers FTX revealed that they were trying to include broad wording in their sales agreement that protected them from future lawsuits.

Voyager’s Creditors Oppose Plans to Grant Executives Legal Immunity

bankrupt cryptocurrency Credit institution Voyager’s plans to sell its assets to FTX for $1.4 billion have gone smoothly so far, but a major problem arose today.

Voyager’s executives included a comprehensive legal immunity clause for themselves in the proposed sale agreement.

In an objection to Voyager’s proposed sale agreement, Voyager’s Committee of Creditors (UCC) opposed the inclusion of directors’ liability for debtors’ financial distress and the inclusion of wording that would protect them from future litigation.

In its current form, the sales agreement is conditional upon the provision of legal immunity.

According to today’s filings, the UCC conducted a survey to find out what Voyager executives would be protected from legal immunity and described its findings as shocking.

Due to censorship in the document, details of the UCC’s findings are currently not available, but lawyers argued that their attempts to protect executives from lawsuits were appalling.

UCC’s appeal urges the court overseeing Voyager’s bankruptcy proceedings to reject the statutory immunity clause but continue with the sale agreement.

According to Voyager’s statement recently, the FTX exchange won the auction for the bankrupt Voyager Digital and its assets with a bid of approximately $1.4 billion.

With this move, the FTX exchange took an important step in the industry.

*Not investment advice.