Creditors in Voyager’s bankruptcy were looking at about a 60 cents on the dollar return without a buyout and about 75 cents on the dollar return if FTX could have followed through on their business and accounts buyout, IIRC.

Voyager had only 3 creditors so they weren’t well diversified. When one of their creditors eventually went belly-up, they predictably lost about a third of their holdings.