Celsius Network Seeks to Retain Former CFO as an Advisor

Bankrupt crypto lending platform Celsius Network has filed a motion to retain its former CFO, Rod Bolger, as an advisor. The company filed the motion on July 25, looking to keep Bolger for at least six weeks. Bolger would advise on the company as it goes through bankruptcy proceedings.

Bolger tendered his resignation on June 30, just over two weeks after Celsius halted withdrawals. Celsius required him to give eight weeks’ notice, which he did. Effectively, this means Bolger is still a Celsius employee.

He joined Celsius in February, succeeding Yaron Shalem. Shalem’s term ended after Israeli authorities arrested him over crypto-related money laundering in connection with Israeli businessman Moshe Hogeg.

Although Celsius appointed Chris Ferraro to fill Bolger’s position, it claims Bolger is well-versed with its operations.

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According to the filing, Bolger led efforts to steady Celsius, guided the financial aspects of its business, and acted as a leader of the company while serving as its CFO.

The filing continued,

Through the Advisory Agreement, the Debtors will be able to continue utilizing 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.

Bolger Agreed to the Terms

Per the filing, Bolger has agreed to enter the agreement with Celsius, pending court approval. The hearing for this motion is set for August 8, 2022, via Zoom. If the court grants this motion, Celsius and Bolger will enter the agreement immediately or shortly afterward.

Under the terms of the agreement, Bolger will have to be reasonably available on a full-time basis. He will advise Celsius on matters related to its accounting, auditing, and financial reporting systems. Celsius will pay Bolger $93,222  per month – prorated for partial months- for his services. Bolger will have to keep all information during this period confidential.

The agreement is expected to run through September 16, 2022. However, a mutual agreement between both parties can either terminate or extend it.

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This news comes as Celsius bankruptcy proceedings continue. In the filing, Celsius disclosed that it has 1.7 million registrants and about 300,000 active users with account balances exceeding $100. Previously, the company revealed that it has $4.3 billion in assets and $4.5 billion in liabilities.