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Celsius Withdraws Motion to Rehire Former CFO

2 mins
8 August 2022, 07:00 GMT+0000
Updated by Kyle Baird
8 August 2022, 07:00 GMT+0000
In Brief
  • Celsius withdrew the motion to hire Rod Bolger back at $92,000 a month.
  • The hearing to review the rehiring was scheduled for Aug. 8.
  • Investors had also taken issue with the decision to rehire Bolger.
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Celsius Network has withdrawn its motion to hire former CFO Rod Bolger back. The company had planned to hire him to help with the bankruptcy proceedings.

Lending platform Celsius has withdrawn its motion to hire former Chief Financial Officer Rod Bolger, according to a court filing in the Southern District of New York. The company had filed a motion to hire Bolger at the start of the month, saying that it had needed his expertise to help navigate the bankruptcy proceedings.

The withdrawal takes place right before the hearing for it that was scheduled on Aug. 8. Celsius had planned to hire Bolger back at a salary of $92,000 a month for a minimum period of six weeks. Bolger had resigned from the company, serving the eight weeks’ notice period. He was the former CFO of the Royal Bank of Canada and divisions of the Bank of America.

Investors had also taken issue with the decision to rehire Bolger. Attorneys for some investors filed an objection, saying Celsius offered “little detail” as to why his expertise was necessary. One attorney said that the decision “reflects a level of callous indifference to the customers of Celsius.”

Celsius still enduring a tough time

The Celsius saga has been fraught with drama, and it remains to have a strong hold on the wider world’s attention. Its customers, meanwhile, are facing a pessimistic outlook, and it may be years before they have access to their funds.

The company also faced a data breach recently, adding to its woes. An Arkansas resident has also filed a class action lawsuit against the firm. This string of incidents does not make it easy for Celsius as it attempts to emerge from its financial stress.

Voyager to resume withdrawals

There have been some positive developments in the Voyager case, which should bring some relief to customers. The company announced in a blog post that it would resume withdrawals of up to $100,000 in a 24-hour period starting from Aug. 11.

Voyager was recently given the go-ahead to return $270 million to its customers. It also reportedly has multiple offers on the table and even received one from Alameda Research and FTX. Lawyers for the firm said that this offer was a low one and that the company is open to “serious proposals.”


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