• Michelle DiVita, a voyager creditor, has filed a motion for a trustee to seize the firm’s estate.
• The motion accuses Voyager Digital of misinforming the public and hiding financial information from creditors.
• Shigo Lavine believes the filing is significant if 3AC execs had fraudulent activities hidden in the company’s financial books.
Michelle DiVita Calls for Chapter 11 Trustee
Michelle DiVita, a voyager creditor, has filed a motion on Feb. 1st requesting a Chapter 11 trustee to seize Voyager Digital’s estate. This comes after reports that the company allegedly misinformed its public about its financial situation by publishing inaccurate data and public misrepresentation.
Misleading Financial Books?
DiVita also claims that Voyager Digital has been hiding book information from creditors, including understated loans totaling $1 billion. According to her filing, Voyager’s bankruptcy situation does not reflect its previous published books and she believes that Voyager misinformed the public through inaccurate data. She expressed her concerns on Twitter stating that Voyager disclosed financial reports on Mar. 31 showing $2.2 billion, while the actual loans as of Apr 3 stood at $3.1 billion—leaving an unaccounted gap of about $1 billion in one day.
Significance of Motion
Shigo Lavine, a former director of Voyager Digital broke down DiVita’s filing in an extensive thread claiming that it was significant to the case if 3AC executives had fraudulent activities hidden in their company’s financial books. According to him, they had undervalued Bitcoin (BTC) at market price by 546% in order to hide missing links with regards to their loans credited by crippled 3AC—significantly underreporting crypto loans too.
Takeaway
If these allegations are true then this motion could be incredibly important for both parties as it could potentially lead to accountability for any wrongdoings committed by both parties involved in this case—namely Voyager Digital and 3AC Executives alike.
Next Steps
It will be interesting to see where this motion goes next and what will be determined once all evidence is reviewed thoroughly by legal professionals deciding whether or not there is enough merit behind these claims made against both companies involved with this case