Embattled cryptocurrency lending platform Celsius Network has petitioned the US Bankruptcy Court to grant it permission to re-engage Rod Bolger, its former Chief Financial Officer (CFO).
The firm highlighted its plan to tap from the wealth of experience Bolger, which he deployed in the firm’s services when he was the CFO for a period of 5 months.
Bolger replaced Yaron Shalem, who was nabbed for his crypto-related fraud activities. Chris Ferraro succeeded Bolger. Should the petition to onboard him be granted by the court, Bolger will join the list of advisers the firm has employed for consultation ahead of the hearing slated for August 5.
“As CFO for the Debtors during the extreme market volatility in 2022, Bolger led efforts to steady the business, guided the financial aspects of the business, and acted as a leader of the company,” the petition reads as it makes an argument with the court. “Through the Advisory Agreement, the Debtors will be able to continue utilising Mr. Bolger’s institutional knowledge and services for at least two additional months for the benefit of their business and their estates as they continue to transition roles and responsibilities to their new CFO.”
Celsius Network resisted filing for bankruptcy for a while, and now that it has succumbed, the firm needed the best hands to help it douse the tension with customers, investors, and creditors. For his role, Bolger is bound to be handsomely rewarded as his monthly wage is set for Canadian $120,000 ($93,188),
This new salary scale is even more than his salary while serving as the firm’s CFO, as he earned $750,000 yearly. Had he not resigned as the CFO, he would have gone on to receive performance-based cash bonuses, up to 800,000 CEL tokens.
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