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QuadrigaCX CEO's Widow Wants Her Money Back. Creditors Are Outraged

  • Alex Dovbnya
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    🏦💲Jennifer Robertson drew ire from creditors by demanding a $225,000 payout for 30-day long protection from proceedings


QuadrigaCX CEO's Widow Wants Her Money Back. Creditors Are Outraged
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Staying under creditor protection wasn’t cheap — Jennifer Robertson, the widow of QuadrigaCX CEO Gerald Cotten, had to shell out up to $225,000 in gap financing. Now, according to Bloomberg, she wants this sum to be repaid, but the exchange’s creditors claim that such demands are unacceptable.  

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Keeping creditors at bay

After the death of Cotten, one of the largest cryptocurrency exchanges in Canada that owed its customers $200 mln was granted creditor protection on Feb. 5 in the Nova Scotia Supreme Court. Because of that ruling, the controversial platform was able to avoid proceedings for 30 days while Big Four auditing firm Ernst & Young (EY) was appointed to monitor the exchange’s dealings.

It’s time to pay back

According to the company’s spending plan, $225,000 that is kept in QuadrigaCX’s $24.7 mln disbursement account is allocated to ‘shareholder advances’. Until March 8, they will also repay QuadrigaCX’s lawyers and EY.

Creditors are not pleased

Meanwhile, creditors are concerned about the $225,000 payout, calling it ‘inappropriate’. As reported earlier, Robertson asked the court to name a chief restructuring officer (CRO) in order to distance herself from the drama. The court will voice its decision during today’s hearing.
 

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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