Celsius bankruptcy case Trustee slams $3M employee bonus motion
The Trustee has objected to the retention bonus, citing a lack of sufficient information within the motion to warrant such a high payout and a lack of clarity around whether any recipients should be considered insiders. The U.S. Trustee overseeing the Celsius chapter 11 bankruptcy case, William Harrington, has objected to a Celsius motion that would see 62 of its 275 employees paid a retention bonus totaling $2.96 million.The Trustee has blasted Celsius in its supporting statement for the objection filed on Oct. 27, noting:“It defies logic, not to mention the Bankruptcy Code, that a....
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Following a motion in August, U.S. Bankruptcy Judge Martin Glenn has signed off on a request to appoint an examiner in the Celsius case. A federal judge overseeing crypto lender Celsius’ bankruptcy case has given the green light for the motion to appoint an independent examiner to investigate aspects of Celsius’ business.In an order dated Sept. 14 from the United States Bankruptcy Court of the Southern District of New York, the order notes the examiner’s investigation will look into Celsius’ digital assets, tax payment procedures, and the current status of its mining business following....
The Trustee overseeing Celsius’ bankruptcy case has requested an examiner to help shed the light on a number of complex issues. The United States Trustee handling Celsius’ bankruptcy proceedings has called for an independent examiner to be brought in to “untangle” the embattled network’s financial affairs and business operations. In a motion filed on Aug. 18 to the United States Bankruptcy Court by William K. Harrington, the US Trustee has asked for an examiner to look into allegations of “incompetence or gross mismanagement” as well as “significant transparency issues” surrounding....
The Federal judge overseeing the Celsius case has asked for an investigation to look into whether the firm acted like a Ponzi scheme and has asked for additional details before approving a $3 million bonus scheme. The judge overseeing the Celsius bankruptcy case has ordered the examiner and the official committee of Celsius creditors to determine who will head a probe into whether the firm was operating like a Ponzi scheme.The order during the Nov. 1 hearing comes in response to allegations from customers that Celsius had used assets of new users to pay yields and facilitate withdrawals to....
After the crypto lender Celsius filed for bankruptcy protection on July 13, the company recently contacted customers and explained that an employee from one of the firm’s vendors accessed a list of Celsius client emails, and the email addresses were “transferred to a third party.” Furthermore, Celsius customers have written to the court begging to get their crypto assets back as one client said he had less than $1K in the bank and his situation was a dire emergency in order to “keep a roof over my family and food on their table.”
Celsius Customers....
This document on the Mt. Gox website announces the Tokyo court ruling, ordering bankruptcy proceedings for the exchange. The Mt. Gox website got updated with a new document. The Tokyo District Court ordered liquidation to begin at the failed Bitcoin exchange. This definitive order follows an earlier announcement made last week, where the bankruptcy administrator said it would be difficult to get Mt. Gox started again. "At 5 p.m. on April 24, 2014, the Tokyo District Court issued an order of commencement of the bankruptcy proceedings for MtGox Co., Ltd. (the "Company") (Case No.: Heisei....