August 4, 2022: -Embattled lending outlet Celsius is attempting to bring back ex-CFO Rod Bolger and pay him about $92,000 per month, prorated over at least six weeks. The embattled lender said that it needs Bolger to help it navigate bankruptcy proceedings as an advisor said a motion filed with the Southern District of New York.
“Because of Mr. Bolger’s acquaintance with the Debtors’ business, the Debtors have requested, and Mr. Bolger is agreeing to the pending the Court’s approval, to continue providing advisory and consulting services to the Debtors under an Advisory Agreement,” the filing said. “In consideration for the advisory services rendered by Mr. Bolger, the Debtors are agreeing to pay Mr. Bolger the sum of CAD 120,000 monthly, prorated for partial months.”
The motion said that during Bolger’s tenure, he led efforts to steady the business in turbulent market volatility this year, which guided the financial aspects of the business and acted as a leader of the company. However, it is up to New York’s Southern District to decide whether to allow Bolger to come onboard with Celsius. A Zoom hearing is set for Monday, August 8, to consider the motion.
Bolger, an ex-CFO for Royal Bank of Canada and divisions of Bank of America, was with the company for five months before leaving on June 30, almost three weeks after the platform paused all withdrawals, which cited “extreme market conditions.” While he is working full-time with the company as CFO, this motion shows that he had a base salary of $750,000 and a performance-based cash bonus of up to 75% of his base, which added to stock and token options, which brings the top of his total income range to around $1.3 million.
Retail investors have filed pleas to the judge to help them better some of their lost holdings, with a few saying that their life savings have effectively been all gone.