The widow of supposedly-deceased QuadrigaCX founder Gerald Cotten has agreed to unfreeze and return assets worth an estimated C$12 million (US$9 million) as part of a voluntary settlement. Jennifer Robertson, who married Cotten shortly before his disputed death in India in December 2018, froze all the assets belonging to her and her husband three weeks before announcing his passing to the community. The latest report from court-appointed monitor EY states that Robertson has agreed to allow a tranche of assets to be returned to QuadrigaCX as the messy process of liquidation continues.
Drop in the Ocean
For the first time since the QuadrigaCX scandal erupted, Robertson has issued her own statement in tandem with the release of the latest EY report, in which she says that she has “entered into a voluntary settlement agreement where the vast majority of my assets and all of the estate’s assets are being returned to QCX to benefit the affected users.” The assets, which include vehicles and properties, exclude include C$90,000 cash, C$20,000 in retirement savings, her wedding band and other jewelry, C$15,000 in personal furnishings and Quadriga shares, and a Jeep Cherokee. The proceeds will “benefit the affected users” of QuadrigaCX, but represent a drop in the ocean given that the cumulative liability sits at some US$160 million.
Robertson Chips In
Alongside clarification on the asset return, Robertson also takes the opportunity to distance herself once again from the actions of her former husband:
As I have indicated throughout this proceeding, I had no direct knowledge of how Gerry operated the business prior to his death, and was not aware of his improper actions in managing the QuadrigaCX business as outlined by the Monitor in its 5th report in June. Specifically, I was not aware of nor participated in Gerry’s trading activities, nor his appropriation of the Affected User’s funds.
This assertion is in direct contrast with some QuadrigaCX users, who in February claimed that in the past they had received money from Robertson Nova, an entity of which Robertson is president, director, and recognized agent. Robertson also attests that she believes the settlement is “a fair and equitable resolution for QCX and the Affected Users”, although the users themselves may see this differently, given that combined value of the assets makes up less than 3.5% of the total lost, not taking legal fees into account.