Settlement Agreement Reached in the Dispute between Voyager and FTX/Alameda

02/23/2023 02:49 • Tech Trends • 151 views

On February 23rd, The Voyager Unsecured Creditors Committee (UCC) said on Twitter: “UCC has reached a settlement agreement with Voyager and FTX/Alameda to effectively resolve the disputes between the two parties, which is an important step forward. The settlement agreement not only protects resources, but also provides direct substantive benefits to the creditors of Voyager. Alameda has agreed that it will (a) withdraw the USD 75 million claim against Voyager, or (b) These claims are dedicated to Voyager OpCo, which will benefit Voyager creditors. Alameda also agrees that (a) it will waive any right to distribution due to Alameda’s equity in Voyager, or (b) it will contribute such equity to Voyager OpCo. All claims that Voyager may make against FTX/Alameda in connection with the failed sales transaction are retained. FTX/Alameda will not oppose Voyager’s Chapter 11 plan. Both parties will participate in the rapid mediation of the claim of Voyager against FTX, the claim of priority of FTX against Voyager and other matters. “

Voyager and its creditors reached a settlement agreement with FTX Alameda on a series of disputes

Analysis based on this information:

On February 23rd, The Voyager Unsecured Creditors Committee (UCC) announced that they had reached a settlement agreement with FTX/Alameda and Voyager to resolve the ongoing dispute between the two parties. The significance of this agreement is notable, as not only does it protect the resources of both parties but also provides direct substantive benefits to the creditors of Voyager.

The settlement agreement involves FTX/Alameda agreeing to withdraw the USD 75 million claim against Voyager or to dedicate these claims to Voyager OpCo, which will ultimately benefit Voyager creditors. Additionally, Alameda agrees to waive any right to distribution due to its equity in Voyager or to contribute this equity to Voyager OpCo. It is important to note that all claims that Voyager may make against FTX/Alameda in connection with the failed sales transaction will be retained.

Furthermore, FTX/Alameda will not oppose Voyager’s Chapter 11 plan, and both parties will participate in the rapid mediation of Voyager’s claim against FTX, the claim of priority of FTX against Voyager, and other matters. The settlement agreement between Voyager and FTX/Alameda is considered an essential step forward in the resolution of the dispute.

The settlement agreement signifies a significant victory for Voyager’s creditors as it not only protects their resources but also provides them direct substantive benefits. This news is especially important amidst Voyager’s recent financial troubles, including discontinuation of its commission-free trading service and its stock price plunging by nearly 50% in the past month, thereby creating doubts of sustainability.

In conclusion, the settlement agreement marks a significant turning point in the ongoing dispute between Voyager and FTX/Alameda. It is hoped that the resolution of this long-standing issue will provide much-needed stability to Voyager and help it regain its position of prominence in the competitive cryptocurrency industry.

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Settlement Agreement Reached in the Dispute between Voyager and FTX/Alameda

Voyager and its creditors reached a settlement agreement with FTX Alameda on a series of disputes

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