Voyager Calls Alamada-FTX’s Offer ‘Low-Ball Bid’, Bankman-Fried Hits Back
The bankrupt crypto platform, Voyager Digital has responded to the joint acquisition proposal from FTX and Alameda, calling it a “low-ball bid dressed up as a white knight rescue.” In a court filing, the lawyers of Voyag...
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The bankrupt crypto platform, Voyager Digital has responded to the joint acquisition proposal from FTX and Alameda, calling it a “low-ball bid dressed up as a white knight rescue.”
In a court filing, the lawyers of Voyager criticized the offer saying it only benefits FTX and disrupts the ongoing bankruptcy process of the doomed crypto company.
“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX,” the lawyers of Voyager stated.
The response came after Sam Bankman-Fried, who has a controlling stake in both FTX and Alamada, proposed a restructuring deal for Voyager. Under the proposal, which needs the court’s approval, Alamada would buy the digital assets and loans of Voyager, except for its exposure to Three Arrows Capital, while FTX would allow Voyager's customer to receive their claims by opening an account.
Additionally, the lawyers of Voyager said that the company is open to any “serious proposal” for acquisition, but criticized Bankman-Fried’s offer saying it was “designed to generate publicity for itself rather than value for Voyager’s customers.”
“AlamedaFTX essentially proposes a liquidation where FTX serves the role of liquidator. The 'fair value' of Voyager’s cryptocurrency assets and loans is subject to negotiation with AlamedaFTX,” the lawyers added.
Bankman-Fried Hits BackIn a Twitter thread, Bankman-Fried questioned why Voyager has not returned the remaining customer deposits yet. He even pointed out that under the normal bankruptcy process, Voyager’s customer assets would be locked up for a significant time.
He even questioned the intentions of bankruptcy agents, who usually charge fees during the process, draining the customer assets.
“The consultants, for instance, likely want the bankruptcy process to drag out as long as possible maximizing their fees. Our offer would let people claim assets quickly,” he stated. “Our offer would give Voyager customers back 100% of the remaining assets that Voyager has, including claims on anything recovered in the future.”
This article was written by Arnab Shome at www.financemagnates.com.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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