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Ex-CFO Rod Bolger is being sought after by bankrupt cryptocurrency lender Celsius in exchange for $92,000 monthly pay, prorated over a minimum of six weeks, reported CNBC.
What happened: According to a motion submitted to the Southern District of New York, the struggling lender claims that Bolger is necessary to assist it in navigating the bankruptcy proceedings as an advisor.
Related: Crypto Lender Celsius Files For Chapter 11 Bankruptcy
Why it’s important: “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 reads.
Also Read: Celsius Halts Withdrawals, But The Worst May Be Yet To Come: What Investors Need to Know
“In consideration for the advisory services rendered by Mr. Bolger, the Debtors agree to pay Mr. Bolger the sum of CAD $120,000 per month, prorated for partial months.” Former CFO for Royal Bank of Canada and divisions of Bank of America, Bolger served the company for five months until quitting on June 30, roughly three weeks after the platform halted all withdrawals, claiming “extreme market conditions.”
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Image and article originally from www.benzinga.com. Read the original article here.