Voyager Official Committee of Unsecured Creditors
@VoyagerUCC
Information and Updates from the Official Committee of Unsecured Creditors of Voyager Digital Holdings, Inc.
Twitter Space town hall on Friday, Nov. 4 at 2 p.m. ET to cover the FTX sale and Plan. After a brief introduction, the floor will be open to questions.
Voyager UCC Meeting (Summary by ObiWan @Ryansgr8)
Dec 8th confirmation of sale.
Stretto will give ballot to vote on the plan, due by Nov 28 deadline.
Item 3, is to vote on the plan and the UCC feels that’s the best decision.
Item 4, is the opt-in to release certain third party claim.
Item 5, contributed third party claim. After plan is confirmed a Trust is established to go after estate claims against bad actors.
Item 4-5 opt-in is good if you aren’t pursuing litigation personally.
UCC is not sure that any other assets will be supported by FTX. FTI says that FTX is looking to add a couple more assets, but no specifics given other than trying to support 80% of the value in-kind.
Overwhelming support of the FTX deal by initial voting. Not sure what they would do if the deal isn’t approved.
No diligence done on the FTX solvency concerns that surfaced this week.
Proof of claim USD value used for pro-rata (as of petition date) return of the pot of (~$1.8B) assets sold to FTX.
Can still join a class action even if opting into third party claims (items 4-5).
Unsure what or when will be recovered from the 3AC situation. UCC assumes when the Trust takes over that they will have more info.
FTX proposal is a floor of $10M for all of the estates VGX tokens (customers and company). Separate sale process for any assets not being acquired by FTX. There are interested parties right now and will now more in the next 4-8 weeks.
$10M defense costs (insurance) clawback recoveries will go to creditors claims pool.
70-72% is an estimate and depends on assets values on closing of the sale. 2% is the earn out from FTX (up to $20M) and $51M purchase. FTX $50 sign up credit is separate from estate recovery.
Voyager and FTX are working on a migration protocol. Expect existing customers to still get the $50 bonus.
Hopeful for recovery to be by mid-February 2023 or sooner.
$75M claim for the loan Alameda gave Voyager is abandoned as part of the deal.
Non-transferred creditors will get USD value of their claim and will incur taxable event on digital assets.
Distributions should have 1099 statements from the Trust/Estate, but still being sorted out.