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

  • Alex Morris
    📰 News

    🏦💲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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