While crypto creditors wallow, legal firms are raking in the fees.

A committee representing unsecured creditors of the bankrupt crypto broker Voyager has been charged $5.17 million in legal fees from March to May by its law firm McDermott Will & Emery, according to a legal filing submitted to the U.S. Bankruptcy Court of New York’s Southern District yesterday. 

This brings the total cost of the Voyager credit committee’s legal fees for the fee period running from July 22, 2022, to May 18, 2023, to just under $16.5 million, of which around $9 million has already been paid.

The filing lists the “blended hourly rate” for all timekeepers (e.g. attorneys) as $1,026.76. 

Voyager filed for Chapter 11 bankruptcy in July 2022 after revealing it had exposure to the collapsed crypto hedge fund Three Arrows Capital. 

The broker then tried to court several buyers including FTX and Binance US. 

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Author: Tim Hakki

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