The New Alternative
The struggling lender’s proposed restructuring is opposed by Shingo Lavine, a former chief innovation officer of Voyager, and Adam Lavine, his father and business partner, who are also pleading with the bankruptcy court to accept their option. The Lavines filed a document on Thursday opposing Voyager’s request for an order permitting logistics associated with approving its restructuring plan. To keep customers on the website, they suggested that the business cease all loan activities, implement live trading, and develop a recovery token.
Shingo and Adam both own stock in Voyager. Together, they created Ethos, a blockchain platform that included a wallet application and allowed programmers to create a wide range of apps. Voyager acquired Ethos in 2018, and Shingo joined the board and served as CIO till the two parted ways in 2021 over differences in the company’s strategy. The father and son now seek to establish themselves as the heads of a new management team and for their company, Emerald, to play a significant role in Voyager’s reorganization.
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Finally Filing for Bankruptcy
Emerald has specifically looked into submitting an alternative restructuring plan that, while structurally similar to the debtors’ plan, would immediately re-build trust by changing management, re-implementing a robust self-custody solution, and focusing the business around trading: Eliminating the lending and debit card platforms, cutting costs, and restructuring around a mission of building a best in class self-custody and integrated trading solution.
They require extra access to data, which Voyager has so far refused to provide because they have not been accepted as bidders, in order to properly submit a proposal. The letter released on Thursday details Emerald’s continuous attempts to participate in the process, which Voyager is said to be continuing to ignore. After stopping withdrawals earlier this month, Voyager filed for Chapter 11 bankruptcy. The fall took place amid a larger market slump that has affected other enterprises.
Source: https://www.thecoinrepublic.com/2022/07/30/voyagers-former-chief-innovation-officer-seeks-a-restructure/