• Within the third and remaining invoice, attorneys representing Voyager Digital’s collectors sought $5.1 million.
• If all payments have been paid in full, Voyager Digital’s collectors would have paid the attorneys a complete of $16.48 million.
• The authorized prices would exceed the corporate’s authentic chapter funds of $11.2 million by $5.28 million.

In a latest court docket submitting, collectors of bankrupt cryptocurrency brokerage Voyager Digital have been sued by New York-based regulation agency McDermott Will & Emery for $5.1 million. The corporate is billing for providers supplied between March 1, 2023 and Could 13, 2023.

On July 3, the regulation agency filed a petition with the court docket looking for authorized charges from the Official Committee of Unsecured Collectors. The regulation agency charged $1,026.76 per hour for providers, in line with filings.

The regulation agency expenses a complete of 5,332.6 hours {of professional}, semi-professional and non-professional providers, together with recommendation to the Voyager Collectors’ Committee. It additionally seeks reimbursement of $151,221 in bills.

How a lot have Voyager Digital’s collectors paid to this point?

McDermott, Will & Emery LLP has filed a 3rd remaining invoice for $16.48 million from July 5, 2022 to Could 19, 2023, of which $8.97 million has already been claimed. paid by the individual.

However McDermott Will & Emery is not the one regulation agency backing Voyager. Counsel Kirkland & Ellis additionally despatched Voyager a invoice on June 28 for $1.1 million in authorized charges for April.

Voyager Digital Predicament

Voyager Digital filed for Chapter 11 chapter in July 2022 after a large cryptocurrency meltdown brought on by the Terra Luna collapse. On the time, Voyager owed $620 million to the now-bankrupt cryptocurrency hedge fund Three Arrows Capital.

A chapter court docket then ordered Voyager to pay interim reimbursement to specialists, together with attorneys.

Voyager had agreed to a bid for its property by FTX simply earlier than FTX went bankrupt and had filed for chapter, however the deal by no means went via.

Voyager then agreed to promote the property to Binance.US, however Binance.US withdrew from the transaction, inflicting Voyager to liquidate. Binance.US has additionally just lately been embroiled in a authorized battle with the U.S. Securities and Trade Fee (SEC), which has accused the corporate of violating the nation’s securities legal guidelines.