Celsius Withdraws Motion To Hire Ex-CFO Following Backlash From The Community

Last week, news of Celsius’ motion to hire its ex-CFO Rod Bolger on a contract basis for $92,000 a month made the rounds. Once the community caught wind of this, users began to share their opinions of the motion, and as expected, the majority was not impressed with this move. Celsius, which had already filed for bankruptcy, was already strapped for cash, so the community didn’t think they should be spending money on this, and it seems the firm has listened.

Celsius Withdraws Motion To Hire Bolger

Monday was supposed to be the next hearing of Celsius’s bankruptcy, and the judge would have assessed the company’s motion to bring back its CFO at $92,000 a month. However, Celsius has not let it get to that point as it had promptly withdrawn the motion.

A court filing from the Southern District of New York on Friday showed the withdrawal preceding the hearing on Monday. Bolger was supposed to have been brought on on a prorated six months working basis where he would have received a total of $552,000 over the course of this time.

CEL trading at $1.5 | Source: CELUSD on TradingView.com

Interestingly, Bolger is still working for Celsius and remains on the company’s payroll. He currently receives a base salary of $750,000 in addition to bonuses and stock/token options, which brings his yearly take home at about $1.3 million. So the motion to bring Bolger on as a contractor for the company did not go well with users. Mostly, users did not really see a reason why Bolger was to be brought on with such an ‘outrageous’ salary when the company could not pay its users.

What Next?

Presently, Celsius is still locked in its bankruptcy proceedings in New York. The company continues to provide intermittent updates to its community, but there has not been any tangible news for a couple of weeks. The company’s next bankruptcy hearing is scheduled for August 8th, 2022.

Users are still awaiting the announcement of a new claims form to file for their assets. Celsius had previously released a claims form through Stretto, but a lot of users chose to forego this form as it only allowed them to claim the dollar value of their locked funds and not the crypto value.

Celsius has responded to this and has told the community that they will be releasing another claims form soon. This one is expected to allow users to claim the crypto value of their funds rather than just the dollar value. Also, users who have already filled in the first claims form can also fill in the new claims form once it’s out.

Featured image from CryptoSaurus, chart from TradingView.com

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