The Office of Trustees, the branch of the Justice Department responsible for overseeing bankruptcies, filed an appeal against the deal just a day after federal judge Michael Wiles approved the deal after a controversial four-day hearing marathon.
If Voyager is unable to complete the sale of assets, the company has another option – liquidation, which is likely to result in much smaller amounts of compensation for creditors.
The US Securities and Exchange Commission (SEC) and various state regulators have opposed the proposed deal with Binance.US. Last month, the SEC filed an objection to the purchase of Voyager, arguing that Binance.US may be violating federal securities laws. However, in response to the SEC’s concerns, Judge Wiles stated:
“Deeds must be done. We have lenders waiting and in the midst of all this uncertainty don’t have access to the property they have invested in, so we have to do something.”
Voyager filed for bankruptcy back in July 2022, and starting from February of this year, it began to actively sell its assets. Voyager sold 1,449 ETH through Wintermute, according to Lookonchain analytics portal. Sales were carried out for USDC. In total, Voyager received 2.25 million – $1,553 per ETH.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
