Voyager Digital won’t be suing its top executives CEO Stephen Ehrlich and financial head Evan Psaropolous for incompetence, even with their role in the Three Arrows Capital loan.
Voyager Digital has preferred not sue its top executives for incompetence, in spite of their role in approving a huge loan to Three Arrows Capital without adequate due diligence. That loan was a key element leading to Voyager Digital’s bankruptcy. Court papers filed Oct. 17
that a Voyager Digital internal special committee has proposed that CEO Stephen Ehrlich and chief commercial officer Evan Psaropolous keep their jobs and not be sued.“On February 13, 2022, 3AC provided Voyager with a statement signed by one of its founders, Kyle Davies, containing only a single sentence stating that 3AC’s NAV [net asset value] as of January 1, 2022, was $3.729 billion. Unlike other substantial borrowers of Voyager’s assets, 3AC did not provide a balance sheet .
The committee did not find any evidence of fraud in the executives’ actions. According to the court filing, Ehrlich and Psaropolous are “making additional contributions to the [Reorganization] Plan pursuant to the settlements reached with the Special Committee.” According to Bloomberg, Ehrlich willthe company $1.125 million in cash under the committee’s proposal, which is subject to approval by the bankruptcy judge.
Y'all. Voyager Digital filed an amended disclosure statement today in its chapter 11 bankruptcy case and its disclosure about 3AC is F*CKING bonkers.
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