Recently, the creditors of the bankrupt cryptocurrency brokerage firm Voyager Digital filed a court case. The bill for $5.1 million was sent by the New York-based law firm McDermott Will & Emery for services provided between March 1 and May 13, 2023.
The law firm charged an hourly rate of $1,026.76, for a total of 5,332.6 hours of professional, semi-professional and non-professional service, including advice to the unsecured creditors committee. They also asked for reimbursement of $151,221 in expenses.
When all invoices have been paid in full, creditors will have paid $16.48 million to the attorneys. This is $5.28 million more than the initial $11.2 million budget set for the firm’s bankruptcy.
Voyager Digital filed for Chapter 11 bankruptcy in July 2022 after the collapse of Bitcoin. At the time, the crypto hedge fund owed $620 million to Three Arrows Capital. The bankruptcy court has now ordered Voyager to pay interim reimbursements to all professionals, including the lawyers.
Voyager had agreed to FTX’s bid for its assets, but the deal did not go through when FTX filed for bankruptcy itself. Voyager then agreed to sell all its assets to Binance US, but Binance US pulled out of the agreement triggering the liquidation of Voyager. Binance US is also locked in a court battle with the US Securities and Exchanges Commission (SEC).
