Jennifer Robertson, the widow of Gerry Cotten, the late founder of the now-defunct QuadrigaCX cryptocurrency exchange has asked the court to repay her legal costs to the tune of C$300,000 ($225,000), reports Bloomberg on March 5, 2019.
The QuadrigaCX saga resumes; as per sources close to the matter, Jennifer Robertson, the widow of the late owner of Quadriga Fintech Solutions Corp. Gerry Cotten, has requested to be repaid the sum of CAD 300,000 ($250,000) she spent to get court-approved protection from the angry creditors of the firm.
The funds in question were reportedly used to pay the monitor, Ernst & Young, plus other fees used in filling for the Companies’ Creditors Arrangement Act (CCAA) and appointing new directors for the firm. At present, Robertson and Tom Beazley are serving as the directors of QuadrigaCX
Reportedly, on March 1, 2019, Robertson signed a cashflow report projecting CAD 1.1 million in disbursements from March 2 to March 8, 2019.
CAD 300,000 has been set aside for settling shareholder advances, CAD 200,000 is for Ernst & Young, CAD 250,000 for its lawyers, CAD 229,842 for Quadriga’s law firm and CAD 17, 000 for independent contractors.
Creditors Kick Against Robertson’s Repayment
Interestingly, Robertson’s repayment request did not go down well with the law firm representing the firm’s cryptocurrency traders, who are yet to receive their missing CAD 260 million in fiat and cryptos from the embattled exchange.
Cox & Palmer partner Gavin D. F. MacDonald, the law firm representing QuadrigaCX clients declared on March 4:
“We are concerned about the repayment by the applicants of C$300,000 to Ms Robertson in the first week of March contemplated by the filed cash flow projection,” .