Celsius Network has withdrawn its motion to take back former CFO Rod Bolger. The company planned to hire him to help with bankruptcy proceedings.
Credit platform Celsius has withdrawn its motion to hire former Chief Financial Officer Rod Bolger submit to court in the Southern District of New York. The company had filed a motion to hire Bolger at the beginning of the month, as it needed his expertise to help navigate bankruptcy proceedings.
The withdrawal will take place just before the hearing that was scheduled for August 8. Celsius planned to take back Bolger at a salary of $92,000 per month for a minimum period of six weeks. Bolger had resigned from the company, subject to eight weeks’ notice. He was the former CFO of the Royal Bank of Canada and divisions of the Bank of America.
Investors had also objected to the decision to re-hire Bolger. Attorneys for some investors objected, saying Celsius gave “little details” about why his expertise was needed. A lawyer said the decision “reflects a level of callous indifference to Celsius’ customers.”
Celsius is still struggling
The Celsius saga is fraught with drama and it remains a strong hold for the attention of the rest of the world. Her clients, meanwhile, face a pessimistic outlook and it could take years to access their money.
The company was also recently confronted with a data breach, which added to the misery. An Arkansas resident has also filed a class action lawsuit against the company. This series of incidents is not making it easy for Celsius as it tries to get out of its financial stress.
Voyager resumes shooting
There have been some positive developments in the Voyager case, which should bring some relief to customers. The company announced in a blog post that it would resume withdrawals of up to $100,000 in a 24-hour period beginning August 11.
Voyager was recently given the green light to return $270 million to its customers. It also reportedly has multiple offers on the table and has even received one from Alameda Research and FTX. Lawyers for the firm said this was a low offer and the company is open to “serious proposals.”
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