Unsecured Voyager Creditors Subpoena FTX Executives

After the FTX Group unceremoniously attempted to claw back the repayment of Alameda’s loan to Voyager, lawyers on the side of the struggling crypto platform have responded with a two-part salvo of legal requests.

In the FTX Group’s original filing, the firm claimed that Voyager had failed to do due diligence before loaning money to Alameda. As such, the filing essentially hints that Voyager should have known better than to give Alameda money, which would justify the trading arm of FTX not having to repay the loan anymore.

Hard-Hitting Response

In return, Kirkland & Ellis – lawyers representing Voyager Digital – filed a list of subpoenas for information on multiple topics, including the allegedly self-serving lowball of the company buyout offer made by FTX.

Additionally, Ramnik Aurora – FTX’s head of product – was also served with a subpoena, despite previously being largely ignored by the court proceedings.

However, this was only the first set of subpoenas to be served against FTX.

Unsecured Creditors Chime In

On the 18th of February, Voyager Digital’s Unsecured Creditors Committee filed its own list of subpoenas against the FTX Group.

Adding to the list of previously untouched members of the FTX Group’s C-suite, the second batch – which was also served by Kirkland & Ellis on behalf of Voyager creditors – mentioned Samuel Trabucco, the former co-CEO of Alameda who retired from his position in August 2022, electing to instead become a company advisor.

This batch, unlike the previous one, which was more of a mass information-gathering exercise, centers on FTX’s attempted buyout of Voyager Digital following the latter’s bankruptcy. Voyager claims it was not even a reasonable buyout attempt, with the offer being made more to garner publicity for FTX than anything else.

“[It is a] low-ball bid dressed up as a white knight rescue. AlamedaFTX essentially proposes a liquidation where FTX serves the role of liquidator. The “fair value” of Voyager’s cryptocurrency assets and loans is subject to negotiation with AlamedaFTX. (…) It is designed to generate publicity for itself rather than value for Voyager’s customers.”

In the end, Binance.US seems to have won the bidding for Voyager Digital’s remaining assets. If the deal goes through, Voyager customers will recover 51% of their funds, subject to further development.

The depositions requested will be served remotely over zoom starting on the 27th of February and continue for as long as is necessary.

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