In a proof of claim filed earlier this month, Quebec’s public pension fund says its US$150-million investment, in the form of Series B preferred shares in the New Jersey-based cryptocurrency lender, gives it preference “over all other equity holders.” The Caisse de dépôt et placement du Québec said Celsius executives made “false and misleading” statements about the financial health of the company, which filed for bankruptcy protection in July. (The Logic)
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In a proof of claim filed earlier this month, Quebec’s public pension fund says its US$150-million investment, in the form of Series B preferred shares in the New Jersey-based cryptocurrency lender, gives it preference “over all other equity holders.” The Caisse de dépôt et placement du Québec said Celsius executives made “false and misleading” statements about the financial health of the company, which filed for bankruptcy protection in July. (The Logic)
Talking point: In a September filing for representation in Celsius’s bankruptcy proceedings, lawyers for the Caisse and WestCap (the fund led by former Airbnb and Blackstone executive Laurence Tosi), made a similar argument. The Caisse’s investment, which it wrote off last summer, was a notable black eye for the pension fund. Executive vice-president Alexandre Synnett, who stickhandled the deal, left the organization earlier this month. This week, CEO Charles Emond reiterated that the Caisse would no longer invest in cryptocurrency assets.
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