Lawyers for Celsius investors file a motion to represent their interests in court
An international law firm representing Celsius investor groups has filed a motion to appoint a committee to represent their interests in the crypto lending firm’s bankruptcy case.
In an application filed Thursday with the US Bankruptcy Court for the Southern District of New York, attorneys at the Milbank law firm called for the appointment of an “Official Preferred Stock Committee” to represent certain Celsius shareholders. According to the request, shareholders are “urgently in need of a trustee of their own” to represent them in court along with Celsius debtors and an Unsecured Creditors Committee (UCC).
“The need for a fiduciary to pursue the interests of shareholders is particularly critical when considering the practical realities of these cases: There are only two groups of real economic stakeholders: retail customers and shareholders,” the court filing says. Not only is UCC focused on maximizing value for clients, disregarding shareholders, but debtors have also made it abundantly clear that UCC is their partner, and that these cases are “all about the client.”