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Is the restructuring kind of bankruptcy or the kind where they cease operations forever and layoff their entire staff?
by tootie 4y ago
Is the restructuring kind of bankruptcy or the kind where they cease operations forever and layoff their entire staff?
- duskwuff 4y agoIt's a Chapter 11 bankruptcy, which can technically be both. Voyager claims that it's a restructuring, but I personally suspect it's going to turn into a liquidation -- there's really nothing left to rebuild.
- Animats 4y agoSomehow, this didn't get publicized much: "On 3/29/2022, Acting New Jersey Attorney General Matthew J. Platkin announced that the New Jersey Bureau of Securities has issued a Summary Cease and Desist Order to stop a Jersey City-based financial services company from selling unregistered securities in the form of interest-earning cryptocurrency accounts that have raised at least $5 billion nationwide."[1] So, since March, they've been operating illegally. They were supposed to stop by April 29th. It will be interesting to see if New Jersey handles this like they usually do with organized crime.[2] [1] https://www.nj.gov/oag/newsreleases22/Voyager%20Summary%20Order.pdf https://www.nj.gov/oag/newsreleases22/Voyager%20Summary%20Or... [2] https://abcnews.go.com/US/doj-calls-organized-crime-alive-alleged-mobsters-arrested/story?id=80018733 https://abcnews.go.com/US/doj-calls-organized-crime-alive-al...