2023-09-11 15:38:40
The leaders of WeWork, Lehman Brothers and the US Bitcoin mining company, as well as two people from Celsius’ own creditors’ committee, will also be members of the board of directors of the crypto lender’s successor. Steve Kokinos, the former CEO of Algorand, will be CEO of the company taking over Celsius, and will serve on a board that includes two members of the bankrupt cryptocurrency company’s own creditors’ committee, according to court filings on Friday. Celsius declared bankruptcy last July, when an avalanche of crises started on the crypto market. Creditors are currently voting on whether to sell the company to Fahrenheit Holdings, which might mean a partial return of their stake. Kokinos left Algorand in July 2022. Fahrenheit is co-owned by US Bitcoin mining company and hedge fund Arrington Capital, whose executives Asher Genoot and Michael Arrington also sit on the board. “Steve has been an entrepreneur and investor for more than 25 years, having founded and operated a variety of companies ranging from Internet infrastructure to cloud software and communications to cryptography,” according to a brief resume in court documents, which describes him as the as-yet-unnamed, but as the proposed CEO of a Delaware corporation referred to in filings as NewCo. NewCo’s board includes Scott Duffy and Thomas DiFiore, two co-chairs of Celsius’ committee of creditors, which was consulted at key stages of the sale process to represent the interests of those with money, and which was able to appoint six of the nine board members. Other board members include Frederick Arnold, chairman of the bankrupt Lehman Brothers; Elizabeth LaPuma, who leads the audit committee at commercial real estate firm WeWork; and Emmanuel Aidoo, investment banker Perella Weinberg. Lenders have until September 22 to approve the sale plan. The former CEO of Celsius, Alex Mashinsky, was arrested in July on charges of securities fraud and manipulation of the CEL token, but he pleaded not guilty.
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