In total, Voyager still owes McDermott Will & Emery $7.5 million.
McDermott Will & Emery, the New York-based law firm, has submitted a $5.1 million bill to the creditors of the now-defunct crypto brokerage Voyager Digital.
This demand for payment covers legal services provided between March 1st and May 13th, 2023.
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According to a court filing on July 3rd, the legal expenses were charged to the "Official Committee of Unsecured Creditors." The documents disclose an hourly rate of $1,026.76 that the law firm had set for its services over this duration.
Throughout this period, McDermott Will & Emery provided a range of legal services to Voyager. Among these services were offering guidance to the committee about its roles and responsibilities under the bankruptcy code, attending meetings, negotiating with the debtor representatives, and preparing essential legal documents.
The recently filed bill is the third and final one from McDermott Will & Emery, totaling their claim to $16.48 million for services provided from July 5th, 2022, to May 19th, 2023. Out of this sum, $8.97 million has already been covered by the creditors.
McDermott Will & Emery was not the lone law firm offering legal services to Voyager. On June 28th, another legal firm, Kirkland & Ellis, demanded payment of $1.1 million in legal fees for services offered in April.
In July 2022, Voyager Digital declared bankruptcy amidst a crypto lending crisis that contributed to the downfall of various prominent crypto firms such as Celsius and BlockFi. At the time Voyager filed for bankruptcy, the firm disclosed liabilities estimated between $1 billion and $10 billion.
Bankruptcy proceedings have also proven costly for other cryptocurrency firms. For instance, FTX was billed over $120 million in legal and financial advisory fees from February 1st to April 30th, 2023.
The ongoing Voyager Digital case continues to highlight the considerable legal costs associated with bankruptcy proceedings in the crypto industry.
