Voyager to Pay $1.1M in Legal Fees from April

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Certain high-ranking members within the company charge more than $2,000 per hour for their professional services.

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Voyager Digital, a cryptocurrency brokerage, has been ordered to pay $1.1 million to its legal advisor, Kirkland & Ellis. The payment is for fees and expenses related to their participation in the bankruptcy proceedings of a previous brokerage firm in April.

Based on the documents provided, Kirkland & Ellis law firm charged an average hourly rate of $1,313.18 for their services during the entire month. The total fees for the legal services provided by both attorneys and paralegals exceeded $1.4 million.

In this context, it is worth mentioning that some high-ranking members of the firm billed their professional services at an hourly rate exceeding $2,000.

Kirkland & Ellis is well-known for representing various cryptocurrency companies during their bankruptcy cases. Some of its esteemed clients in this field include BlockFi and Celsius.

On May 17, 2023, the United States Bankruptcy Court for the Southern District of New York approved Voyager’s bankruptcy plan. The third plan was proposed on May 5 after Binance.US decided not to proceed with the purchase of Voyager assets worth $1 billion on April 25.

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In July 2022, Voyager started the process of filing for Chapter 11 bankruptcy protection due to the significant effects of the crypto credit crisis. This crisis had severe consequences for many lenders and brokers in the industry. Before this, under the leadership of Steve Ehrlich, Voyager was a publicly traded company in Canada.

At the time of filing for bankruptcy, Voyager revealed that it had liabilities amounting to a substantial range of $1 billion to $10 billion. This indicates the magnitude of its financial obligations and the reasons that led to the choice of seeking bankruptcy protection.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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