Vallecid, a tourism conglomerate that owns nearly 10% of Vanadi’s shares, has filed a petition to renew the board of directors and to monitor the fees some of its members collect each time a financial transaction is executed, which can reach up to 5%.
Key Takeaways
Vallecid demanded a board shakeup over high BTC financing fees, creating bitter internal corporate warfare.Board members took up to 5% in fees on bitcoin purchases, diluting shareholders and drawing legal threats.Vanadi’s stock crashed 97% a year after its bitcoin pivot, wiping out market value despite its 223 BTC stash.Vallecid is also petitioning for the nullification of the approvals that allowed board members to collect these fees “without prejudice to any actions of nullity, voidability, unjust enrichment or liability that may arise,” hinting at possible legal actions.
