A court document filed in the Southern District of New York reveals that the bankrupt Crypto firm Celsius has withdrawn its motion to hire ex-CFO Rod Bolger at $92,000 a month over a period of at least six weeks.
The decision of withdrawal comes to light just before the hearing which was to be held on Monday for reviewing the decision.
Even though Bolger worked full-time as CFO in Celsius, the original offer included a salary of $750,000 and a performance-based cash bonus of up to 75% of his base salary along with stock and token options.
Note that the top of his net worth is around $1.3 million. As per the filing, Bolger is technically still on the company’s paysheet.
The filing reveals that on June 30, 2022, Mr. Bolger served notice to debtors that he was willingly ending his employment.
The filing categorically mentions, “In accordance with his Termination Notice and the terms of his Employment Agreement (as defined below), Mr. Bolger is required to give the Debtors eight weeks’ notice, which he has done, and he is continuing to serve as an employee of the Debtors.”
In case the motion were approved, it would still be unclear if Bolger would have received remuneration of $62,500 which is his monthly base salary, as well as the monthly $92,000 consulting fee requested by Celsius.
As per the filing, he was continuing as an employee of Celsius. However, it also mentioned that Bolger was “not entitled to any severance payments.”
The decision to resort to withdrawal of the motion comes three days after Celsius Network initially submitted a notice to get onboard its former CFO Rod Bolger for advising on bankruptcy proceedings.
