- The interests of the company are represented by employees of the agency Kirkland & Ellis
- Some of them earn about $2,000 an hour or more.
- Voyager’s total liabilities range from $1 billion to $10 billion
Yesterday, June 27, Voyager Digital filed new documents to the bankruptcy court. They show the company’s expenses for the services of the agency Kirkland & Ellis. And, as it turned out, the appetites of the representatives of the cryptocurrency lender are rather big.
From April 1 to April 30, the organization asked the bankruptcy trustee for $1.148 million in legal fees:
Some Kirkland & Ellis partners earn up to $2,000 an hour, and some even more. So, for example, a certain George Hicks Jr. billed more than $153,000 for 87.8 hours of work.
Nicholas Ajima demanded $147.9 thousand in 118 hours. These are huge sums that simply empty the company’s accounts. Recall that the exact amount of Voyager’s obligations is still unknown.
The company has about 100 thousand creditors. The total amount of debts is from 1 to $10 billion.
As for Kirkland & Ellis, the agency’s annual profits exceed $6 billion. The company’s lawyers oversee most high-profile bankruptcy cases, including Celsius, BlockFi, and even FTX.
Speaking of the latter, the exchange’s liquidation expenses have exceeded $200 million over the entire period. At the same time, the company’s consultants, including lawyers from Kirkland & Ellis, earned $120 million in just three months. However, it is quite possible that in the case of FTX, such expenses are justified. The new management managed to recover $7 billion in liquid assets. But can the same be said for Voyager? Hardly.