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The beleaguered lending platform Celsius wants to bring back former Chief Financial Officer Rod Bolger and pay him about $92,000 a month prorated over at least six weeks. The beleaguered lender says Bolger needs to act as an adviser to help him navigate the bankruptcy proceedings. according to the motion Filed in the Southern District of New York.
“Due to Mr. Bolger’s familiarity with the business of the debtor, the debtor requested and Mr. Bolger agreed to continue to provide advisory and consulting services to the debtor pursuant to the Advisory Agreement, subject to court approval.” said Filing. “In consideration of Mr. Bolger’s advisory services, Debtor agrees to pay Mr. Bolger a monthly fee of $120,000 CAD.
The motion goes on to state that during Bolger’s tenure, he spearheaded efforts to stabilize the business amid this year’s wild market volatility, guided the financial side of the business and acted as a leader of the company. Ultimately, it will be up to the Southern District of New York to decide whether to allow Bolger to join Celsius. I have.
bolger Former CFO of Royal Bank of Canada and Bank of America divisionspreviously worked for the company for 5 months and left on June 30. The platform has suspended all withdrawals, citing “extreme market conditions.” Although he worked full-time with the company as his CFO, the move meant he could earn up to 75% of his base salary in addition to his $750,000 base salary and stock and token options. Shows you had a base cash bonus. His total income ranges around $1.3 million.
The company has since appointed Chris Ferraro, previously head of financial planning, analytics and investor relations at Celsius, as CFO. Within days of his appointment, the company filed for bankruptcy.
Once a giant in the cryptocurrency lending world, Celsius in bankruptcy proceedings and look down Claimed to be running a Ponzi scheme By paying early depositors with money earned from new users.
At its peak in October 2021, CEO Alex Mashinsky said: Crypto lenders had $25 billion in assets under management. Currently, Celsius is $167 million in cash on hand It said it would provide “sufficient liquidity” to support operations during the restructuring process. Celsius owes users about $4.7 billion. According to the bankruptcy filing.
The filing also shows that Celsius has over 100,000 creditors, some of whom have lent cash to the platform without collateral backing the arrangement. Its top 50 unsecured creditors list includes Sam Bankman-Fried’s trading firm, Alameda Research, and a Cayman Islands-based investment firm.
individual investors filed a petition with the judge Some say their life savings were virtually wiped out to help them regain some of their lost wealth.
CPA and Celsius investors with large balances trapped in the Celsius platform filed an appeal on Tuesday Challenge Celsius’ motion to reinstate former CFO.
