Third Day of Voyager Bankruptcy Hearing Focuses on Objections to Sale Plan

03/07/2023 02:21 • Tech Trends • 114 views

On March 7, the hearing on the bankruptcy of Voyager on Monday entered its third day. Although the first two days of the hearing focused on the questions about Voyager, Binance US and other relevant persons involved in the proposed transaction, the third day focused more on the objections to the sale plan of Voyager itself. Michael Wiles, the U.S. bankruptcy judge of the Southern District Bankruptcy Court of New York, said that both parties tried to give the SEC regulatory freedom “within a reasonable range”, but bankruptcy itself was more urgent. Therese Scheuer, a senior attorney at the SEC, opposed some of the disclosures in the proposal, but the judge seemed to disagree with this point.

Bankruptcy judge: The bankruptcy reorganization of Voyager cannot be delayed due to the unclear power struggle between regulators

Analysis based on this information:

The third day of the bankruptcy hearing for Voyager commenced on March 7, 2022, where the focus shifted from questions concerning the parties involved to objections of the sale plan of Voyager itself. The hearing was held in the Southern District Bankruptcy Court of New York and presided over by Michael Wiles, a U.S. bankruptcy judge.

The previous two days focused on various queries related to Voyager, Binance US, and other pertinent persons involved in the proposed transaction. While both parties tried to give the Securities and Exchange Commission (SEC) regulatory freedom “within a reasonable range”, the urgency of the bankruptcy took center stage.

Therese Scheuer, a senior attorney at the SEC, expressed opposition to some of the disclosures in the sale proposal. However, Judge Michael Wiles seemed to disagree with her point. This may imply that he believed that the urgency of the bankruptcy takes precedence over any disagreements that the SEC may have had.

A sale plan outlines the proposed sale of assets by a debtor seeking to reorganize or liquidate in bankruptcy proceedings. In this case, Voyager may be selling its assets to pay off its creditors. However, objections were raised relating to the sale plan. These objections may have been because the sale plan did not align with the creditors’ interests or did not provide for adequate compensation.

During the hearing, it was essential to strike a balance between SEC regulations and the urgency of the bankruptcy. Judges usually ensure that the sale plan acts in the best interests of the creditors and goes according to the rules and regulations laid down by the bankruptcy code.

To sum up, the third day of the Voyager bankruptcy hearing focused on objections to the sale plan proposed by the company. Although the SEC raised some objections, Judge Michael Wiles appeared to prioritize the urgency of the bankruptcy over regulatory concerns. The hearing serves as a reminder that bankruptcy brings with it several legal complexities and can only be resolved by following rigorous procedures.

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