Texas authorities object to Voyager’s disclosure statement in its current form

The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in courtroom towards Voyager Digital’s disclosure statement, questioning the varied methodologies and calculations used to estimate the honest market worth of the bankrupt alternate’s crypto property.

In a pleading filed with the United States Bankruptcy Court for the Southern District of New York, the attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager’s amended disclosure statement. Voyager Digital filed for Chapter 11 chapter in New York in July 2022, whereas proposing a restoration plan for traders.

The Texas state authorities argued that Voyager’s disclosure statement, which asserted that collectors may get a 70% return, fails to clarify the methodology used to calculate the common coin costs, including that:

“The Debtors (Voyager) have never been licensed by the SSB or the DOB and faces very large fines and penalties for operating without a license. FTX is also not licensed to do business in the State of Texas.”

The attorneys additional highlighted that with the courtroom that crypto alternate FTX affords a product related to ‘Voyager Earn Program,’ a Voyager providing that has been topic to cease-and-desist orders from a number of states in the US.

As a decision, the SSB and DOB search the denial of Voyager’s disclosure statement in its current form. Moreover, it calls for that Voyager discloses the methodology and calculations used to decide its honest market worth for funds restoration.

On Oct. 5, FTX US secured the successful bid for the property of Voyager. According to Voyager, the bid was made up of the honest market worth of its crypto holdings “at a to-be-determined date in the future” estimated to be round $1.3 billion, together with $111 million in “incremental value.”

The listening to date for the case has been slated for Oct. 19 on the time of the writing.

Related: Senator Warren leads the cost towards power consumption claims on Texas crypto miners

On Sept. 30, the SSB, DOB and the Vermont Department of Financial Regulation objected to crypto lender Celsius’ plans to unload its stablecoin holdings, arguing that the agency may use the resultant capital to resume working in violation of state legal guidelines.

Celsius reached out to the United States Bankruptcy Court for the Southern District of New York, in search of permission to promote its stablecoin holdings, reportedly price $23 million.

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