Voyager rejects Alameda buyout offer as it 'harms customers'
Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buyout its digital assets on the grounds that the actions “are not value-maximizing" and potentially "harms customers."
In a rejection letter filed in court on July 24 as part of its ongoing bankruptcy proceedings, Voyager’s lawyers denounced the offer made public by FTX, FTX US, and Alameda on July 22 to buy out all of Voyager’s assets and outstanding loans - except the defaulted loan to 3AC.
The letter states that making such offers public could jeopardize any other potential deals by subverting “a coordinated, confidential, competitive bidding process,” adding “AlamedaFTX violated many obligations to the Debtors and the Bankruptcy Court.”
Voyager’s representatives suggested that their own proposed plan to reorganize the company is better as they say it would promptly deliver all of their customers’ cash and as much of their crypto as possible.
You have all heard the terms "hero," "bailout," "rescue," and "help" in reference to FTX saving distressed companies. Voyager, one of the aforementioned companies, disagrees - they think that SBF's deal is extremely predatory and will actually hurt customers even more. https://t.co/l726t4U4RR pic.twitter.com/NeARz3lRiP
Voyager filed for bankruptcy on July 5 in the Southern District of New York for insolvency worth more than $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan from the firm.
On July 22, the three companies tied to FTX CEO Sam Bankman-Fried offered Voyager a deal that would see Alameda would assume all of Voyager’s assets and use FTX or FTX US to sell and disperse them proportionally to users affected
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