Celsius has been one of the most affected platforms during the crypto bear market. Ex-CFO Rod Bolger is being sought after by troubled loan platform Celsius in exchange for $92,000 per month, stretched over a minimum of six weeks.
According to a motion submitted to the Southern District of New York, the troubled lender claims that Bolger is necessary to assist it in navigating the bankruptcy procedures as an advisor.
“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.”“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.”the filing reads
Celsius stated that Bolger helped to keep it stay robust
The motion continues by stating that Bolger led initiatives to keep the company afloat during this year’s turbulent market volatility, managed the business’ finances, and served as the company’s leader.
Ultimately, the Southern District of New York will determine whether to permit Bolger to join Celsius. On Monday, August 8, a Zoom hearing will take place to discuss the motion.
Before leaving on June 30, approximately three weeks after the platform halted all withdrawals, Bolger, a former CFO for the Royal Bank of Canada and subsidiaries of Bank of America, had worked for the firm for five months. He offered his resignation as a result of “severe market conditions.”
This motion demonstrates that during his full-time employment with the Company as CFO, he received a base salary of $750,000, a performance-based cash incentive of up to 75% of his base, together with stock and token options, bringing the maximum of his total income range to around $1.3 million.
Celsius has over 100,000 creditors, some of whom gave the business money with no collateral to back it up. Among its top 50 unsecured creditors are Sam Bankman-trading Fried’s business Alameda Research and a Cayman Islands-based investment firm.