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According to a court filing citing Bloomberg, the bankrupt crypto firm Voyager has stated that the joint offer of FTX and Alameda Research to buy the company is 'a low-ball bid' that could disrupt the bankruptcy process.
FTX's Bid was 'Dressed Up as a White Knight Rescue'
On July 22, the founder and CEO of FTX, Sam Bankman-Fried, offered to give early liquidity to Voyager Digital's customers. West Realm Shires Inc., FTX US, and Alameda Ventures made the offer. Under the plan, Alameda would buy all Voyager digital assets and digital asset loans, other than loans to Three Arrows Capital, in cash at market value. FTX would offer the customers of Voyager an option to receive their share of claims by opening a new account at FTX. In response to the bid, Voyager lawyers stated the offer was nothing more than a "white knight rescue." They said,
"The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX. It's a low-ball bid dressed up as a white knight rescue."
Voyager's lawyers further stated that the bid from FTX and Alameda was "designed to generate publicity for itself rather than value for Voyager's customers." It undermined a competitive process, declared no value in Voyager and its intellectual property, and ignored tax consequences, among other things. The attorneys remarked that Voyager reserves all rights and remedies against Alameda and FTX for the "clear and intentional" interference with the bankruptcy process and any resultant damages incurred.