Insolvent crypto lender Voyager Digital’s Official Committee of Unsecured Creditors, or Voyager UCC for short, sent out subpoenas to several officials of FTX and its commercial arm, Alameda Research. Those executives include FTX co-founder Gary Wang, former Alameda chief Caroline Ellison and FTX founder and former CEO Sam Bankman-Fried.
Voyager summons SBF & Gang
According to a document filed in court on February 18, attorneys representing Voyager UCC have requested copies of certain documents related to communications between FTX, the Securities and Exchange Commission (SEC) and the Department of Justice. A request for records regarding the admissions of Caroline Ellison and Gary Wang was also included in the subpoena issued.
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In the official court document, counsel for Voyager UCC was quoted as saying:
[Voyager UCC] has issued a subpoena to testify in a bankruptcy case to Samuel Bankman-Fried, requesting that he produce all Documents and Communications responsive to the document requests set forth.
FTX’s growing concerns
In light of comments made by the company’s current CEO, John J. Ray III, that FTX-related companies “used software to conceal the misuse of cash from customers” and that “the FTX Group did not keep proper books and records,” Lawyers asked for evidence to support those claims. In addition, the subpoenas sought information about the loan portfolio shared by Alameda and Voyager, as well as FTX’s financial condition both before and after the company filed for bankruptcy on Nov. 11, 2022.
In addition, the bankruptcy judge overseeing Voyager’s Chapter 11 case in the United States, Michael Wiles, earlier said he would appoint a fee examiner to look into the professional fees involved in the case. A fee examiner will be helpful, as Judge Wiles noted, because the costs associated with the bankruptcy process are significantly more than originally anticipated. But he also said the estate could end up spending more money on the examiner than it could save on other business expenses, and suggested putting a cap on the amount of money the estate would have to pay the examiner.
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