Staff at bankrupt crypto lender BlockFi can have a $10 million bonus package to ensure they stay with the company, a New Jersey judge has ruled. jackschickler reports
, BlockFi filed for Chapter 11 bankruptcy protection shortly FTX did the same in November.
This new deal applies to around 130 staff, who will mostly get a bonus worth 42.5% of salary, paid in three installments over a year. Worth $9.98 million, this package is the right way to secure value for former customers, lawyers for BlockFi told the court. “It's essential that the debtors institute these retention programs to keep critical workers with the company,” Rush Howell of law firm Kirkland & Ellis told the court, adding that roughly 10% of staff had left since the BlockFi declared bankruptcy on November 28. “These retention programs are critical to the debtors’ success … maximizing recoveries to stakeholders.”
Judge Michael Kaplan said he was “happy to approve” the plan, after objections to it based on a lack of details were withdrawn by the U.S. Trustee, a branch of the Department of Justice. Court filings say the package won’t apply to company “insiders,” a legal term which encompasses directors, officers and their families.
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