In their bid to buy out Voyager, FTX and Alameda CEO Sam Bankman-Fried offer Voyager customers 100% of their remaining assets.

Cryptocurrency exchange billionaire Sam Bankman-Fried has made an offer to purchase all digital assets and crypto loans issued by Voyager Digital, a company that filed for bankruptcy at the beginning of this month.

The offer does not include Voyager Digital's claims on hedge fund Three Arrows. However, the lawyers representing Voyager do not see the novelty in its offer.

From this point forward, Alameda Ventures Ltd. and FTX Trading Ltd. will be referred to together as "FTXAlameda".

FTXAlameda's Offer Towards the Bid

On behalf of FTX and Alameda, the CEO went to Twitter to explain the reason behind his bid to acquire the crypto lending company Voyager.

According to Sam Bankman-Fried, Voyager might have lost customer assets, but the company still has the majority.

In his thread, he stated that one of the reasons why the assets have not been returned to the customers is because of the long process of going through the traditional process of bankruptcy.

 The procedure might go on for years, during which time money is frozen. Customers lose more optionality as the procedure takes longer to complete.

According to SBF, as the bankruptcy procedure went on, Voyager's consultants would gradually deplete the remaining funds by billing monthly fees.

It did not seem right to them, and that is why their company submitted an offer. If the offer was accepted, any customer who wanted could come and get their share of everything that remained as soon as possible with no fees or additional charges.

Any customer who wished to could come and get their part of anything that was left as soon as possible without any fees or additional charges if the offer was accepted. SBF said that their solution would enable people to promptly claim assets.

The CEO did, however, mention that some people were opposed to their proposal, including third parties that wanted to charge fees by taking some of the customers' assets.

An example would be the consultants, as they probably want the bankruptcy procedure to take as long as possible to maximize their fees, or it could be because other companies or people still intend to offer a reduced price while seizing a sizable portion of the customer's assets.

AlamedaFTX believes that Voyager's clients ought to be given the freedom to immediately collect any remaining assets they desire, free from the interference of rent seekers.

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Voyager Rejects FTXAlameda Offer

The FTXAlameda proposal was basically rejected by Voyager's legal team. The lawyers for Voyager Digital say the proposal would only help FTX, describing it as a low-ball bid disguised as a white knight rescue.

On July 5, 2022, Voyager submitted a plan to reorganize the firm. According to this plan, the company would be reorganized, and clients would receive all of the cryptocurrency and cash that they had placed on the platform as quickly as possible.

In addition, they would offer clients further recuperation in the form of either the equity of the reformed Voyager or any recuperation that might be obtained against Three Arrows Capital.

The proposals that AlamedaFTX has put out, according to Voyager, are extremely deceptive. The lawyers said that the only genuine offer that is submitted in accordance with the bidding procedures outlined in Voyager's Motion will be considered by the company.

According to CoinDesk, the legal team claims that FTXAlameda's proposal was developed with the intention of generating notoriety for themselves rather than providing value for Voyager's clients.

The company encourages its customers to read and understand thoroughly the proposal made by SBF.

They say that it was developed in a way that was advantageous to FTXAlameda. It's a low-ball offer that's trying to pass itself off as a heroic rescue.

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