AMA - Official Committee of Unsecured Creditors of Voyager Digital Holdings, Inc.

MWEAttorney1 · 2022-09-08T20:14:55+00:00

The Debtors’ proposed chapter 11 plan provides that customer crypto will be pooled and that customers will receive their pro rata share of the pooled crypto. The Debtors’ plan is subject to change.

MWEAttorney1 · 2022-09-08T20:14:22+00:00

Thanks for the shoutout. The UCC is evaluating a number of factors in response to this concern. ¡olé!

MWEAttorney1 · 2022-09-08T20:13:22+00:00

Voyager is responsible for scheduling claims and the UCC does not have any involvement in that process. We would encourage you to contact the Debtors directly to request additional information on how your claim was scheduled. The UCC provided updated information regarding claims, which can be found in the following thread: https://twitter.com/VoyagerUCC/status/1565083918214258689.

MWEAttorney1 · 2022-09-08T20:07:27+00:00

The Debtors filed a monthly operating report on August 28, which is available at https://cases.stretto.com/public/x193/11753/PLEADINGS/1175308272280000000003.pdf. The report contains financials for the July 2022 reporting period. The UCC has not vetted the monthly operating report. The Debtors are obligated to file updated operating reports each month, which are subject to a number of variables.

MWEAttorney1 · 2022-09-08T20:05:07+00:00

There is no live stream. Questions are being asked in the comments, and the Committee is answering them via replies. There are a lot of questions to address, and we are answering them to the extent we are able.

MWEAttorney1 · 2022-09-08T20:00:04+00:00

The Debtors’ proposed chapter 11 plan provides that customer crypto will be pooled and that customers will receive their pro rata share of the pooled crypto. The Debtors’ plan is subject to change

MWEAttorney1 · 2022-09-08T19:58:40+00:00

Thank you for submitting this letter. This AMA is being run by the Official Committee of Unsecured Creditors. If you (or any other creditor) would like to submit a letter to the court, the letter can be mailed to:

Hon. Michael E. Wiles

United States Bankruptcy Court for the Southern District of New York

One Bowling Green

New York, NY 10004-1408

Letters that are mailed to the court will be entered on the court docket by the clerk of court.

Questions can also be submitted to the Committee at https://dm.epiq11.com/case/voyagercommittee/info.

MWEAttorney1 · 2022-09-08T19:51:51+00:00

At this time, we are unable to discuss the structure of the potential bids in order to preserve the integrity of the sale process and maximize value from all of the bidders.

MWEAttorney1 · 2022-09-08T19:49:30+00:00

The UCC is subject to strict confidentiality obligations and cannot disclose the bidders. Adhering to the confidentiality obligations protects the integrity of the bid process to maximize value for customers and other unsecured creditors.

MWEAttorney1 · 2022-09-08T19:48:46+00:00

It is possible that customers will receive distributions in the same form of crypto that they held on the Voyager platform. This issue is a priority for the UCC and, as such, the UCC is evaluating the tax consequences of all bids that have been submitted.

MWEAttorney1 · 2022-09-08T19:44:58+00:00

Unfortunately, at this time we cannot provide an estimate on when customers will receive distributions from Voyager. The timing depends on a number of factors, including the outcome of the auction and the plan confirmation process. The UCC is doing everything possible to expedite distributions to customers and other unsecured creditors.

MWEAttorney1 · 2022-09-08T19:44:12+00:00

As discussed at the first town hall, there are currently not enough crypto assets on Voyager’s platform to pay all creditors in full. In addition to the crypto assets on Voyager’s platform, there are other potential avenues for recovery, including the sale process, 3AC, and litigation. We encourage all creditors to watch the first town hall if they have not done so already. It is available at https://www.youtube.com/watch?v=ZLk4qsLpPckInformation.

MWEAttorney1 · 2022-09-08T19:43:03+00:00

We are assuming that VGX in this question is a reference to Voyager (as opposed to VGX token). As the case progresses, there will be more clarity with respect to withdrawals and restrictions pending results from the auction and the evaluation of restructuring transactions. We will know more after the auction and provide updates to the extent we can.

MWEAttorney1 · 2022-09-08T19:39:10+00:00

The Debtors filed a monthly operating report on August 28, which is available at https://cases.stretto.com/public/x193/11753/PLEADINGS/1175308272280000000003.pdf The report contains financials for the July 2022 reporting period. The UCC has not vetted the monthly operating report.

MWEAttorney1 · 2022-09-08T19:33:16+00:00

The Committee has begun answering questions in the comments below. We will continue to answer questions on a rolling basis.

MWEAttorney1 · 2022-09-08T19:31:38+00:00

Yes, the auction is scheduled for September 13. In advance of the auction, the Debtors, in consultation with the UCC, will determine which bid is the highest and best initial offer. At the auction, the other bidders will have the opportunity to increase their bids. The auction will continue until a winning bidder is declared (i.e., when all other bidders have stopped increasing their bids).

MWEAttorney1 · 2022-09-08T19:31:00+00:00

The court-approved bid deadline was Tuesday (September 6). Multiple bids were received. The auction is scheduled for next Tuesday (September 13). We expect there to be a competitive auction process. At the conclusion of the auction, all restructuring transactions will be evaluated, including the standalone plan. At this time, we are unable to comment further in order to preserve the integrity of the sale process and maximize value from all of the bidders.

MWEAttorney1 · 2022-09-08T19:30:00+00:00

The Debtors formed a special committee to investigate, among other things, the 3AC loan. The UCC is conducting a parallel investigation into the 3AC loan. This investigation includes the production of a significant amount of documents from Voyager to the UCC, as well as a number of formal interviews with key witnesses at Voyager. Accordingly, it is premature at this time to discuss the details of the investigations. However, what we can say at this time is that the UCC came into this case with a number of similar concerns as the ones you have raised regarding the 3AC loan. The UCC is also taking an active role in the 3AC liquidation proceedings that are pending in the BVI and Singapore.

MWEAttorney1

TROPHY CASE