The widow of QuadrigaCX CEO Gerald Cotten, Jennifer Robertson has asked the Judge working on the case to put a restructuring specialist in charge at the failed crypto exchange. She adds that the management role has given her unwanted public attention.
As per an affidavit filed with the Supreme Court of Nova Scotia in Canada, Robertson has requested of Peter Wedlake to be appointed as the chief restructuring officer (CRO). Wedlake is a retired partner and senior vice president at audit firm Grant Thornton.
If appointed, Wedlake would take charge of Quadriga’s efforts to recover some $136 million in cryptocurrencies that are said to be lost due to the inaccessibility of cold wallets.
Robertson cites her and Quadriga’s other current officer, Tom Beazley inexperience in the cryptocurrency industry and no “experience with an insolvent business, ” as a reason for the request. She added:
“Further, the public attention my role as director has brought is unwanted, and online commentary which I have reviewed has suggested that I, in particular, am trying to hide assets or am acting contrary to the best interests of [Quadriga and its affiliates], which is not true.”
The full motion filed on Monday by the company further adds that:
“The independence of the CRO would ensure that the interests of all stakeholders are protected and that any alleged concerns in relation to Ms. Robertson’s continued day-to-day involvement with the Companies would be addressed.”
In addition to the request, the QuadrigaCX wants another 45 to 60 days to look for its missing cryptocurrencies. The initial stay of proceedings protecting the exchange expires next week, however, the firm believes that this is not sufficient time to recover any assets. the motion says:
“This work in [sic] complicated by the lack of accessible business records of the Companies that one would expect to have on hand, and while significant efforts have been expended in the last three weeks much more needs to be done to try and maximize the recovery for the users.”
As per the motion, Quadriga’s lawyers have asked time to continue its efforts to recover assets, “particularly cryptocurrency assets,” saying the company is acting in good faith. As per the document, the efforts to recover assets to date have been complicated by issues pertaining to unlocking bank drafts that are held by third-party payment processors, which in turn have “caused the Companies and their counsel to spend valuable time addressing those issues,”
The filing has had asked for an extension of anywhere from 45 to 60 days, it also notes that Quadriga would prefer a full 60-day reprieve. A petition filed by some creditors by calls on the court to reject this extension and instead pursue criminal charges. It is unclear whether Miller Thomson, one of the law firms appointed as representative counsel for Quadriga’s creditors, will file a motion opposing the extension. A request for comment was not immediately returned.
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