state New Jersey Law regulation lending Court Bankruptcy state New Jersey

BlockFi exec argues bankruptcy court should approve bonuses to retain talent

Reading now: 164
cointelegraph.com

Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings.In a Jan.

23 declaration for United State Bankruptcy Court in the District of New Jersey, Crowell said without giving certain financial incentives, BlockFi might be unable to retain employees in a “highly competitive” crypto industry.

According to the BlockFi executive, many staff were “highly likely to leave the company” amid the Chapter 11 process without “competitive compensation”, potentially adding to costs down the road.“The war for talent remains active, and the Participants have many opportunities inside and outside the cryptocurrency sector,” said Crowell. “Individuals with cryptocurrency experience are attractive to employers in the finance, technology, and payment platform industries broadly, among others, especially as these industries adapt their products and services to incorporate cryptocurrency and or related technologies.”She added:BlockFi filed for bankruptcy on Nov.

28, saying at the time the firm had roughly $257 million on hand and filed a motion to “establish a Key Employee Retention Plan to ensure the company retains trained internal resources for business-critical functions” as the works did not qualify for severance.

Read more on cointelegraph.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA