Creditors of defunct crypto lender BlockFi say they're tired of paying staff $16 million a month to improve their golf game. jackschickler reports.
Creditors of defunct crypto lender BlockFi have filed to liquidate the company, accusing management, including CEO Zac Prince, of “fraud,” “extortion” and “mischief” in delaying resolution of bankruptcy proceedings.
The company is holding the case up so it can negotiate legal releases for its senior management, who are culpable for loans made to FTX’s Alameda Research, a committee representing BlockFi’s unsecured creditors said in a“It is time to end all of this,” the creditors’ filing said, adding that, unlike other cases of alleged crypto wrongdoing, such as Sam Bankman-Fried’s FTX, “BlockFi customers do not yet know their story, and this is facilitating case mischief … It is time for the Court to order...
The creditors refer to an investigative report into activities at the company, previously filed under seal, which they say “reveals, in great detail, that BlockFi perpetrated a fraud on customers.” “The mediation is over; negotiations are over,” the filing said, arguing that BlockFi was taking unfair advantage of its legal monopoly on proposing a way out of bankruptcy. “This case is a liquidation. There is no revenue.”
With administrative costs of $16 million per month, “the Debtors continue paying, among other things, the salaries to more than 100 individuals – many of whom, to the best of our knowledge, have had little to do but work on their golf game,” the filing said.
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