There are several questions surrounding the No. 10, specifically about the remainder of the Xfinity Series season. Chief among them is the status of Landon Cassill‘s partnership with Voyager Digital after the company filed for Chapter 11 bankruptcy.
According to Forbes, the company filed for bankruptcy on July 5 in the Southern District of New York. Voyager Digital has proposed a Plan of Reorganization with the goal of “returning value” to customers. Voyager noted that it still has $110 million in cash and owned crypto assets to aid with day-to-day operations, along with more than $350 million of cash held in the For Benefit of Customers (FBO) account at Metropolitan Commercial Bank.
Voyager Digital has been Cassill’s primary partner since June 2021 when he drove for JD Motorsports. The company supported him for the trip to Circuit of the Americas early in the 2021 season before jumping fully on board for 18 race weekends to close out the year.
When Cassill moved to Kaulig Racing for the 2022 season, Voyager Digital made the move with him. The company has been his primary partner for nine of the first 17 races, as well as four Cup Series starts with Spire Motorsports.
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Multiple Factors Contributed to the Financial Issues
Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
There are multiple factors that led to Voyager Digital filing for bankruptcy. The “crypto winter” is one of them considering that cryptocurrencies have lost $2 trillion in value dating back to last year. Another factor, which Voyager Digital mentioned in the press release is the previously disclosed loan of 15,250 BTC and $350 million USDC to Three Arrows Capital.
The press release said that Voyager Digital “issued a notice of default to 3AC for failure to make the required payments” on this loan. The company has claims against 3AC of more than $650 million.
“This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers,” said Stephen Ehrlich, Chief Executive Officer of Voyager, in a press release. “Voyager’s platform was built to empower investors by providing access to crypto asset trading with simplicity, speed, liquidity, and transparency.
“While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital (“3AC”) on a loan from the Company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery,” Ehrlich added.
Cassill Remains Within Reach of a Playoff Appearance
GettyLandon Cassill has worked with Voyager Digital multiple times.
While Kaulig Racing continues to face questions about the status of Voyager Digital, Cassill will focus on something else. He remains poised to secure a spot in the 12-driver playoff field, which would put him in a position for the best finish of his Xfinity Series career.
Cassill is currently 12th in points after the first 17 races of the Xfinity Series season. He hasn’t reached Victory Lane, but he has eight top-10 finishes and three top-fives. This includes a season-best second-place finish at Martinsville Speedway.
There are nine races remaining in the regular season, and Cassill sits in a solid position overall. He has an 80-point lead over Anthony Alfredo, the first driver below the playoff cutline. Cassill is also only one point behind Ryan Sieg, so he could move up the leaderboard with continued consistency.
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Landon Cassill’s Primary NASCAR Sponsor Files for Bankruptcy