According to the court filing made in New York’s Southern District, Celsius has recently withdrawn the motion to get back the ex-CFO Rod Bolger.
The motion had claimed that CFO would be paid USD 92k per month for at least 45 days prorated. The notice of withdrawal was sent to court before Monday’s hearing to analyze it.
The Motion To Rehire Former CFO Rod Bolger At $92,000 Per Month Has Been Withdrawn By Celsius
Earlier, the Company had said that they needed assistance to manage the complete bankruptcy case. Meanwhile, Rod Bolger had given a resignation letter and promised to serve Eight week’s notice period.
Before serving as CFO at Celsius, He served at Royal Bank of Canada and was a part of Bank of America as CFO.
- The notice to withdraw the motion to rehire CFO has come just after the scheduled hearing on August 8.
- A decision to dismiss the motion came soon after the three days after Celsius’ plea to rehire Bolger.
- According to the court document, Celsius has withdrawn the motion to rehire Rod Bolger as CFO with a CTC of USD 92k per month.
Celsius Withdraws The Motion To Hire Back The Former CFO Bolger
As per the Company’s statement, CFO Bolger had a base salary of USD 750 Thousand. On top of it, he received 3/4th of his base pay as a cash bonus. Also, there are some additional crypto options making its net income USD 1.3 Million. The filing made by them stated that he was on the payroll after he took retirement.
Investors were also quite skeptical about getting Bolger back as CFO. Several Investor’s Attorney had raised an objection and further stated that Celius Did Not provide enough information as to why he needed to be rehired. As per the legal expert, the choice had also depicted the no or less concern towards the celsius Customers.
There was also a major concern about the CFO’s new payroll if it would be more than before in case of a motion being passed. As per the filing, Bolger was working for Celsius for a certain period, but he was not paid severance payments due to ineligibility.
Brief Details About Motion Dismiss
As mentioned before, the motion was dismissed three days after a news breakout to hire Bolger to assist Celsius with the bankruptcy process. But soon after the news, Several Investors like Keith Suckno, a CPA, opposed the decision. As per him, there was very little information provided by them to justify why Bolger’s assistance was needed.
Celsius had claimed that he pleaded for Boger’s assistance to understand the complete bankruptcy procedures as a consultant. Meanwhile, they emphasized that he is needed because he has a good experience with the Debtor’s Operation.
During the three-year tenure served by Bolger, he was credited for spearheading the efforts to make the Company grow despite aggressive Volatility in the crypto market.
Celsius Is Going Through A Difficult Time
Celsius soon hired Chris Ferraro and others to lead analysis, financial planning, and investor relations. The firm filed for bankruptcy protection soon after Ferraro was appointed. Celsius has been accused of theft of the investors’ money by running a Ponzi scheme.