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Creditors of bankrupt crypto firm Voyager Digital are facing a $5.1 million bill. New York law firm McDermott Will & Emery seeks compensation for legal services provided from March 1 to May 13, 2023, according to a deposit on July 3.
The substantial bill was billed to the “Official Unsecured Creditors Committee,” otherwise known as Voyager Digital Creditors, with an hourly rate of $1,026.76, encompassing a wide range of legal duties. The law firm played a variety of roles, including guiding the committee through the bankruptcy process, negotiating with debtors and other interested parties, and managing the necessary paperwork:
This is the third and final bill from McDermott Will & Emery, rounding up the total compensation claimed to $16.48 million since July 5, 2022. Voyager reportedly paid $8.97 million of that sum.
The legal fee fallout doesn’t end with McDermott Will & Emery. Kirkland & Ellis, another legal adviser, also Invoice Voyager for $1.1 million for his April services. The filing that it is “compensation in the amount of $1,128,312.40, which is equal to 80% of the total amount of reasonable compensation for actual and necessary legal services incurred by K&E as part of these services during the fee period”.
These charges stem from Voyager’s bankruptcy announcement on July 5, 2022, amid the crypto lending turmoil that caused the company to report liabilities between $1 billion and $10 billion.