Troubled crypto lender Celsius Network wants to rehire former chief financial officer Rod Bolger, according to court filing Created by the company on July 25.
According to filings, Celsius hopes to retain Bolger, who is familiar with the company’s business, as an advisor for at least six weeks, pending court approval.
Due to Mr. Bolger’s familiarity with the debtor’s business, the debtor requested, and Mr. Bolger agreed, to continue to provide advisory and consulting services to the debtor pursuant to the Advisory Agreement pending court approval. Did.
The filing went on to say that Bolger led the company during recent extreme market volatility. Bolger is said to have “led efforts to stabilize the business, guided the financial side of the business, and acted as the leader of the company.”
In his new position, Bolger will receive “a total of $120,000 Canadian dollars (approximately $93,000) per month, prorated over certain months.”
Bolger worked with troubled lenders for five months before resigning on June 30. Less than a month after his resignation, the company filed for bankruptcy.
Objection to Celsius decision
Meanwhile, a new application submitted Keith Sackno challenges Celsius’ decision to rehire former CFO. Suckno is a CPA, an investor, and has put a lot of money into the Celsius platform. CNBC.
According to the filing, Celsius did not provide sufficient information as to why Bolger’s services were needed.
The filing also alleges that Bolger “provided false information” to the lender’s customers just four days before the firm suspended withdrawals.
Bolger was said to have clerical error Celsius financial position and liquidity.
The filing also said there was no good reason for Celsius to rehire Bolger, as under Bolger’s leadership there was a “$1.8 billion hole” in the distressed lender’s balance sheet.
The court added that the court should order Celsius to identify “precisely” the services that Bolger would provide to the company that other employees would not be able to provide.
