Celsius Network, a struggling cryptocurrency lending platform, has asked the US Bankruptcy Court for permission to reassign its former Chief Financial Officer Rod Bolger (CFO).
The company emphasized its intention to make use of Bolger’s extensive experience, which he applied to the company’s services during the five months that he served as CFO if they were to reassign him.
Bolger took over for Yaron Shalem, who was arrested for his fraudulent cryptocurrency-related operations. The latter was followed by Chris Ferraro. Rod Bolger will be added to the roster of advisors the company has hired for assistance prior to the hearing scheduled on August 5 if the court approves the petition to onboard him.
The petition reads as it addresses the court with the arguments: “as CFO for the Debtors during the extreme market volatility in 2022, Bolger led efforts to steady the business, guided the financial aspects of the business, and acted as a leader of the company.”
“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 company and their estates as they continue to transition roles and responsibilities to their new CFO.”
For a time, Celsius Network avoided declaring bankruptcy, but now that it has given in, the company needs the best of the best to assist it to diffuse the conflict with clients, investors, and creditors. Bolger is guaranteed to receive a substantial reward for his work because his monthly salary is fixed at Canadian $120,000 ($93,188).
This new pay scale is significantly higher than his prior pay as the company’s CFO, which was $750,000 annually. He would have continued to collect performance-based cash bonuses, up to 800,000 CEL tokens, had he not given notice of his resignation as CFO.