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Plan to Suspend the Sale of Voyager’s Assets to Binance.US Approved by Judge, Voyager’s Unsecured Creditor Committee Continues to Oppose Decision

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According to reports, after the District Judge Jennifer Rearden of the Southern District Court of New York approved the plan proposed by the United States Depar

Plan to Suspend the Sale of Voyagers Assets to Binance.US Approved by Judge, Voyagers Unsecured Creditor Committee Continues to Oppose Decision

According to reports, after the District Judge Jennifer Rearden of the Southern District Court of New York approved the plan proposed by the United States Department of Justice to suspend the sale of Voyager’s assets to Binance.US, the unsecured creditor committee of Voyager stated on social media that the debtor’s plan could not take effect and encrypted token distributions could not be made until the appeal against the confirmation order was completed or the suspension was revoked by a higher court, The Voyager unsecured creditor committee will continue to actively oppose this decision, but will need to analyze the situation and await the written opinion to be issued by the district court.

Voyager Unsecured Creditor Committee: Opposing Judge’s Approval to Suspend the Sale of Voyager to Binance.US

Introduction

The United States Department of Justice has proposed a plan to suspend the sale of Voyager’s assets to Binance.US. According to reports, the plan was approved by District Judge Jennifer Rearden of the Southern District Court of New York. While the decision to suspend the sale has been welcomed by some, the Voyager unsecured creditor committee has stated on social media that they will continue to actively oppose the decision.

Background On Voyager and Binance.US

Before delving into the details of the court case, it is important to understand who Voyager and Binance.US are. Voyager is a cryptocurrency trading platform that allows users to trade in various digital assets. On the other hand, Binance.US is a digital currency marketplace that allows users to buy, sell, and trade cryptocurrencies.
In 2021, Voyager announced that they had reached an agreement to sell all of their assets to Binance.US for $651 million. This deal was subject to approval by the court.

The District Judge’s Decision

The District Judge approved the Department of Justice’s plan to suspend the sale of Voyager’s assets to Binance.US. This means that the sale cannot go ahead until the appeal against the confirmation order is completed or the suspension is revoked by a higher court.
The decision to suspend the sale may have been made to protect the interests of Voyager’s unsecured creditors. Unsecured creditors are individuals or entities that have loaned money to a company but are not protected by any collateral. They are therefore more vulnerable to losses if a company goes bankrupt or is liquidated.

Voyager’s Unsecured Creditor Committee’s Opposition

The unsecured creditor committee of Voyager has stated on social media that they will continue to actively oppose the decision to suspend the sale of assets to Binance.US. However, they will need to analyze the situation and await the written opinion to be issued by the district court.
The unsecured creditor committee’s opposition to the decision may stem from its potential impact on their recovery of debts owed to them by Voyager. The sale of Voyager’s assets meant that the creditors would have had a chance to recover some of their money. However, with the sale suspended, their chances of recovery may be reduced.

Conclusion

In conclusion, the District Judge’s decision to suspend the sale of Voyager’s assets to Binance.US has received mixed reactions. While some argue that the decision was made to protect the interests of unsecured creditors, others disagree with the move. The unsecured creditor committee of Voyager has stated that they will continue to oppose the decision, a move that could prolong the court case.

FAQs

1. What is Voyager?
Voyager is a cryptocurrency trading platform that allows users to trade in various digital assets.
2. What is Binance.US?
Binance.US is a digital currency marketplace that allows users to buy, sell, and trade cryptocurrencies.
3. Why did the District Judge approve the plan to suspend the sale of Voyager’s assets to Binance.US?
The District Judge may have approved the plan to protect the interests of Voyager’s unsecured creditors.

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