Voyager creditors are opposed to a $1.9 million employee retention proposal

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Last Updated on August 23, 2022 by Bitfinsider

The unsecured creditors committee of Voyager Digital Holdings has filed a motion to object to the company’s proposal to keep its employees by paying them monetary incentives to stay with the company.

On August 2, Voyager Digital filed a motion in the United States Bankruptcy Court for the Southern District of New York seeking approval of the Key Employee Retention Plan (KERP), which seeks to distribute $1.9 million to 38 key employees deemed critical to the exchange’s operations.

However, the proposal was rejected by the exchange’s creditors. The creditors laid out their objections to the proposed KERP and its related relief grants in a motion filed on Friday.

The creditors also claimed that Voyager failed to provide sufficient justification for the retention plan. Furthermore, the creditors claimed that there was insufficient evidence presented to show that the employees who were part of the retention plan intended to resign.

Aside from these, creditors noted in their filing that the current crypto winter allows the firm to hire from a pool of talent that is now available. “Given the recent reductions and layoffs across the industry,” they wrote, “a slew of recently-terminated professionals could fill their roles.”

Billionaire Mark Cuban was sued earlier this month for promoting Voyager products. A law firm filed a civil suit against Cuban and requested a jury trial. According to the lawsuit, Cuban used his experience to dupe investors into putting their life savings into Voyager.

The crypto exchange declared bankruptcy in July, stating that it owes money to over 100,000 creditors. When implemented, this move, according to the company, is part of a recovery plan that aims to return value to its customers.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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