And alameda research were involved in a dispute over a proposed acquisition of the former by binance.us. voyager called the accusations from alameda research surrounding the deal “frivolous”, while alameda claimed the deal violates the bankruptcy code. last december, voyager agreed to sell its remaining assets to binance.us in a move it said would unlock customer funds as soon as possible. binance’s offer was said to be “the highest and best bid,” and was worth roughly $1.022 billion in total.
Dispute has been ongoing since last week, when the sec questioned binance’s ability to “consummate a transaction of this magnitude” in a filing. alameda had provided voyager with a line of credit worth roughly $377 million before the crypto market crash, and launched a plethora of criticisms at the $1 billion acquisition deal. voyager responded by accusing alameda of “hypocrisy and chutzpah at its finest.” the sec advised that a new disclosure statement surrounding the deal should be filed prior to a hearing on the matter.
Acquisition was proposed as a way to unlock customer funds as soon as possible. binance’s offer was said to be “the highest and best bid” and was worth roughly $1.022 billion in total, inclusive of the lender’s remaining crypto portfolio. alameda’s filing leaned on section 1129(b) of the bankruptcy code, which says that the “junior class” of creditors should not receive priority on “their claims or interests without holders of senior classes receiving the full value of their claims.” the sec reserves the right to object to or amend the new disclosure statement surrounding the deal.
https://decrypt.co/118708/bankrupt-voyager-locks-horns-alameda-sec-questions-1b-binance-deal
