Bankrupt Voyager Called FTX’s Bailout Decision A “Low-Ball Bid”

Bankrupt Voyager called FTX’s bailout decision a “low-ball bid” that was actually “dressed up as a white knight rescue” so let’s read more today in our latest cryptocurrency news today.

Sam Bankman-Fried’s FTX was hailed as the savior of the crypto winter but in the latest twist of events, the company was accused of low-balling one of the rescue offers. The Bankrupt Voyager broker called the rescue deal proposed by the FTX low-ball bid dressed up as the white king’s rescue in the documents filed to the bankruptcy court in the Southern District of New York. Voyager said that the joint proposal made by FTX and Sam Bankman Fried’s other company Alameda Research was designed to generate publicity rather than value for the Voyager customers.
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Voyager further claimed that the way the proposal was made in a press release could likely jeopardize the separte bidding process for the company assets which was happening in the private:

“The AlamedaFTX (sic) proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX.”

Voyager filed for bankruptcy protection earlier this year but at the same time it put forward a plan for how to reorganize the company and also bring a crash return to investors. It has also been exploring alternative proposals via discussions with more than 80 third-party investors and asked for indications of interest from buyers. In the filing, Voyager outlined a few issues that it has with the FTX proposal including the allegation that the bidder got Voyager disparaged and included statements in the press release that was misleading.

One sticking point was that FTX and Alameda assert that Voyager customers are entitled to a fixed amount based on the value of their wallets when the exchange filed for Chapter 11 bankruptcy protection. Voyager however disagreed with the premise and said its own plan for reorganizing the company didn’t nap cap customers’ claims this way. The rescue deal would also eliminate the platform’s VGX token which Voyager estimated will destroy $100 million. Other issues raised include the tax burden on the customers wishing to withdraw cash but also the confusion over the fact that FtX said Voyager has no independent value but will want a discount on the acquisition if the brand was sold to someone.

Voyager is one of a handful of distressed crypto companies that FTX eyed amid the fallout of the market downturn and it acquired Canadian exchange BitVo so it is now in the process of buying BlockFi.