• Lawyers, bankers, and other advisers in the case of Celsius’ bankruptcy earned $53 million for four months of work.
• Among the five advisors, Kirkland & Ellis was billed the most significant amount at $20.1 million, while White & Case’s services as advisors to unsecured creditors committees cost the most expensive at $10.2 million.
• Jenner & Block made a total sum of $1.9 million for its services as the advisor to the examiner, charging a rate of $59,000 per day for 32 days.
Celsius, a crypto lender, declared bankruptcy on July 14, 2022, in the wake of the ripple effect of the Terra-Luna crash. It paid its DeFi loans to Aave, Compound, and Maker, which ultimately led to the firm’s bankruptcy. Despite the unfortunate circumstances, lawyers, bankers, and other advisers have managed to earn a staggering amount from the case: a total of $53 million for four months of work.
Kirkland & Ellis was the company that earned the most significant sum for its services, billing a total of $20.1 million for 212 days of service, charging a daily fee of $166,000. White & Case was the most expensive advisor, earning $10.2 million for 94 days of service, charging $109,000 per day. Meanwhile, Jenner & Block made a total of $1.9 million for its services as the advisor to the examiner, charging a rate of $59,000 per day for 32 days.
Despite the bankruptcy of Celsius, lawyers, bankers, and other advisers were able to earn a large sum of money from the case. On the other hand, it is uncertain what the future holds for the crypto lender and its creditors. Nevertheless, the $53 million earned by the five advisors for four months of work is a testament to the importance of the services provided by these professionals in the context of legal proceedings.