The Texas state authorities, SSB and DOB, argued that Voyager fails to explain the methodology used to calculate the average coin prices, among others.
The Texas state authorities, The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB), argued that Voyager fails to explain the methodology used to calculate the average coin prices, among others.
The Texas State Securities Board and the Texas Department of Banking raised an objection in court against Voyager Digital’s disclosure statement, questioning the various methodologies and calculations used to estimate the fair market value of the bankrupt exchange’s crypto assets.
In a pleading filed with the United States Bankruptcy Court for the Southern District of New York, the attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager’s amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022 while proposing a recovery plan for investors.
The Texas state authorities argued that Voyager’s disclosure statement, which asserted that creditors might get a 70% return, fails to explain the methodology used to calculate the average coin prices, adding that:
“The Debtors (Voyager) have never been licensed by the SSB or the DOB and faces very large fines and penalties for operating without a license. FTX is also not licensed to do business in the State of Texas.”
On Oct. 5, FTX US secured the winning bid for the assets of Voyager. According to Voyager, the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion, along with $111 million in “incremental value.”
The hearing date for the case has been slated for Oct. 19 at the time of the writing.
Source: cointelegraph
