Bankrupt crypto brokerage Voyager Digital filed documents in United States court Jan. 8 in response to objections raised to the Binance US proposal to buy out its debt. Voyager announced it had approved the offer Dec. 19. The Securities and Exchange Commission , four states, the U.S. Trustee and Alameda Research filed objections to it.
Voyager’s decision to accept the Binance.US plan was an exercise of sound business judgment, it argued. The “business judgment rule” is a legal doctrine that describes how courts should respect the decisions of a company’s executives. The document stated: “The Objections ignore the practical realities of these chapter 11 cases and fail to identify any transaction that provides a better outcome for the Debtors’ creditors. There is none. And time is of the essence in these chapter 11 cases.”
Voyager also pointed out that the agreement preserved its “’fiduciary out’ should a higher or better alternative transaction be proposed.” Objections from the U.S. Trustee and the states of Vermont, New York, Texas and Hawaii were dismissed in the document as “premature.”
Voyager stated in one document that objections to the Binance US offer “fail to put forward any factual or legal support” in their arguments, while Binance US offered creditors higher recovery rates than other proposals and expeditious recovery.
binance just buy the right to help ppl sell assets, or? 1B is assets value, which voyager will pass to binance, and add is only 35 mil ?