Voyager Defends $1B Binance Acquisition Deal, Considers FTX Opposition as Hypocrisy
Bankrupt crypto lender Voyager defended the US Binance’s plan to acquire its assets terming the opposition lodged by FTX’s affiliate Alameda Research and federal regulators as hypocrisy. Voyager decried the legal filings submitted as reliant on unverified speculation to oppose the acquisition of its assets by Binance.US.
Voyager Defends $1 Billion Offer from Binance.US
In support of the Binance.US $1 billion acquisition, Voyager expressed concerns about the plan by Alameda Research to oppose the deal, whose hearing is set for Tuesday, January 10. Besides the objection by the FTX trading arm, US Securities and Exchange Commission (SEC) filed a limited opposition citing the absence of key details in the disclosure statement. Also, Voyager expressed hidden agenda in the growing list of opposers led by the Department of Justice and various state-based regulators.
Voyager dismissed the doubts submitted by SEC, DoJ, and financial regulators drawn from Vermont, New York, and Texas. Voyager’s attorney observed that doubting whether Binance-US could afford the acquisition portrays a frivolous and misplaced attempt to delay users from recouping their investment.
Voyager expressed that regulators ignored the factual information to raise disclosure requirements that cite unverified reports. In particular, the filing added that objectors’ claims portray naked efforts to undermine the transaction and downplay Binance.US autonomy.
Hypocrisy Driving Opposition to Binance.US Deal
Voyager downplayed Alameda Research’s argument to oppose the acquisition deal, citing a breach of creditors’ hierarchies as stipulated by the US bankruptcy law. The crypto lender attorney illuminated Alameda’s objections as masking hypocrisy.
Voyager filing disclosed that a bailout attempt by the fallen FTX and Alameda days before filing for bankruptcy was founded on the false representation. Terming the attempts as fraudulent, Voyager indicated the FTX $1.4 billion deal to purchase Voyager involved last-minute efforts to conceal a weak balance sheet from apparent fraud.
Voyager referred to the confession by FTX chief executive John Ray decrying the mismanagement and incomplete record keeping by the predecessor Bankman-Fried.
State-Level Regulators Ignoring the Resident’s Fate
The crypto lender’s attorneys condemned the hypocrisy exhibited by state-level regulators. In particular, Voyager wondered why the regulators opposed the $1 billion deal since Vermont, Texas, Hawaii, and New York residents will receive cash payouts and crypto.
Voyager cited the backing from the committee representing the lender’s creditors that the $1 billion offer from Binance.US is the best deal for the estate, given the volatility in the crypto market. However, Voyager admitted that the deal offers several escape routes if the fortunes change and better options are identified.
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