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Celsius wants to rehire its ex-Chief Financial Officer

Embattled crypto lender Celsius Network wants to rehire its ex-Chief Financial Officer Rod Bolger, according to a court filing made by the firm on July 25.

According to the filing, Celsius wants to hire Bolger for at least six weeks in an advisory capacity because of his familiarity with the firm’s business, pending court approval.

Because of Mr. Bolger’s familiarity with the Debtors’ business, the Debtors have requested, and Mr. Bolger has agreed pending the Court’s approval, to continue providing advisory and consulting services to the Debtors pursuant to an Advisory Agreement.

The filing continued that Bolger had led the firm during the recent extreme market volatility. Bolger was said to have “led efforts to steady the business, guided the financial aspects of the business, and acted as a leader of the company.”

In his new role, Bolger would receive “the sum of CAD 120,000 ( roughly $93,000) per month, prorated for partial months.”

Bolger had worked with the embattled lender for five months before resigning on June 30. Less than a month after his resignation, the firm filed for bankruptcy.

Celsius’ decision challenged

Meanwhile, a new filing submitted by Keith Suckno challenges Celsius’ decision to rehire the ex-CFO. Suckno is a CPA and an investor with a large balance trapped on the Celsius platform, according to CNBC.

According to the filing, Celsius did not provide enough information on why Bolger’s services are needed.

The filing also alleged that Bolger had “provided false information” to the lender’s customers just four days before the firm paused withdrawals.

Bolger was said to have misstated the financial condition and liquidity of Celsius.

The filing also mentioned that there is no justification for Celsius to rehire Bolger, considering that “a $1.8 billion hole” was on the embattled lender’s balance sheet under his leadership.

It added that the court should order Celsius to reveal the “exact” services Bolger would be providing for the firm that its other employees would be unable to deliver.

Posted In: , Bankruptcy

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