New York-based regulation agency McDermott Will & Emery filed for compensation of $5.1 million from the collectors of bankrupt crypto brokerage agency Voyager Digital. The invoice is for authorized companies provided between March 1 and Could 13, 2023.
In a July 3 court docket submitting, the regulation agency billed the authorized charges to the “Official Committee of Unsecured Collectors.” The court docket paperwork revealed that the regulation agency charged an hourly charge of $1,026.76 for its companies through the interval.
The agency listed a number of authorized companies it provided Voyager, together with advising the committee in reference to its powers and duties underneath the chapter guidelines, attending conferences and negotiating with the representatives of the debtors and different events in curiosity, making ready on behalf of the committee all crucial motions, purposes, solutions, orders, stories, replies, responses and papers, amongst others.
This was the third and last invoice from the regulation agency, taking its complete compensation to $16.48 million between July 5, 2022, and Could 19, 2023, of which $8.97 million has already been paid by the collectors. Nevertheless, McDermott Will & Emery is just not the one authorized service supplier to supply its companies to Voyager. On June 28, authorized adviser Kirkland & Ellis additionally billed Voyager for $1.1 million in authorized charges for the month of April.
McDermott Will & Emery didn’t instantly reply to Cointelegraph’s request for feedback.
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Voyager filed for chapter in July 2022 amid a crypto lending disaster that led to market contagion and the collapse of a number of established crypto companies comparable to Celsius, BlockFi, and others. On the time of its chapter submitting, Voyager disclosed liabilities from $1 billion to $10 billion.
Other than Voyager, a number of different crypto companies, together with Celsius and FTX, have incurred hefty authorized charges attributable to prolonged chapter proceedings. FTX, for instance, was billed over $120 million in monetary and authorized advisory charges between Feb. 1 and April 30, 2023.
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