Former Voyager CIO Shingo Lavine Wants Court To Consider His Plan

The Lavines opposed Voyager's application for an order allowing logistics linked to assisting its reorganization plan in a filing on Thursday. They proposed a strategy in which the company would stop all lending operations, incorporate live trading, and issue a recovery token with retaining consumers on the site. Shingo and Adam both own stock in Voyager. Together, they created Ethos, which had blockchain architecture that enabled programmers to build a variety of applications as well as a wallet application.

Voyager Acquired Ethos in 2018

In 2018, Voyager acquired Ethos, and Shingo joined the board. Previously the company's CIO, the two parted ways in 2021 over differences in the direction of the business. The father and son now seek to establish themselves as the heads of a new management team and for their company, Emerald, to play a significant role in Voyager's restructuring. Voyager is looking for bids for the company and has already filed a restructuring plan. Voyager has not yet accepted Emerald as an "acceptable bidder."

Voyager's program is being opposed by Emerald and the former Voyager Executives, who want other restructuring ideas like theirs to be considered first. To properly submit a proposal, they require extra access to data, which Voyager has so far refused to provide because they have not been accepted as bidders. The letter released on Thursday details Emerald's continuous attempts to participate in the process, which Voyager is said to be continuing to ignore. After pausing withdrawals earlier this month, Voyager filed for Chapter 11 bankruptcy. The collapse occurred amid a broader market downturn that has already claimed several businesses.