- Jennifer Robertson, the wife of the late CEO of QuadrigaCX has asked to be repaid by the court
- She previously spent $225,000 to help the firm file for creditor protection and form a new board
- The law firm representing the former clients of QuadrigaCX have called the request inappropriate
The saga that surrounds the missing $190 million that QuadrigaCX, a now-defunct exchange, claims are locked in cold wallets that only their late CEO had access to is only getting stranger as time goes on, through some of the funds are reported to be in various exchanges.
One person who has featured prominently in the story so far is Jennifer Robertson, the wife of the late Gerry Cotten who was the CEO of QuadrigaCX. When the story first broke, she was reported to have been the person who informed the firm of Cotten’s death and about the fact that she herself didn’t have access to the cold wallets.
On top of this, she, and her stepfather Tom Beazle, have acted as directors of the company since Cotten’s death.
Seeking to Be Repaid
In January 2019, the firm filed and got approved for creditor protection after customers demanded their money back from them. Now, Robertson has asked the court to provide her with $225,000 compensation to cover the costs she had paid to help secure the firm’s creditor protection.
According to documents from Ernst and Young, the accounting firm working with QuadrigaCX, Robertson had paid $225,000 to hire the services of Ernst and Young for QuadrigaCx and also spent more money on the creditor protection filings with the Companies’ Creditors Arrangement Act (CCAA) and the appointment of new directors.
Since Robertson filed for repayment, Cox & Palmer, which represents the former clients of QuadrigaCX, has stated that possible repayment would be inappropriate until Ernst and Young is given a chance to review the financial transactions regarding Cotten’s estate.
According to a proposed reimbursement plan that was approved by Robertson, she would be getting repaid for acting as interim financing for the embattled firm. This payment would be made between March 2 to March 8, 2019.
“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,” the firm said, “In our submissions, the repayment contemplated by the cash flow is inappropriate until such time as the Monitor has reviewed the requested information and satisfied itself as to the source of funds used to fund the CCAA Proceeding.
