An American judge rejects a motion by the former CEO of microstrategy, Michael Saylor, to dismiss the tax evasion charges against him last August.
The judge also rejected a whistle-blower's allegation that the microstrategy conspired with saylor to violate the jurisdiction's act of misrepresentation by misrepresenting the billionaire's residence.
Michael Saylor Adamant on applications to reside.
After the decision, I guess, Saylor still faces accusations by the D.C. Office of the Attorney General that he failed to pay income tax to the District of Columbia despite living there for ten years and docking yachts on the Potomac and Georgetown waterfronts.
Saylor, for his part, has denied living in the area, claiming he resides in Florida. The former chief executive officer and current executive president said to Bloomberg, I respectfully continue to disagree with the district's stance on the other claims, and I will continue to defend myself in the face of these demands. My hope is that this matter will be resolved in a timely manner."
The Superior Court of the District of Columbia is the only local court of first instance that handles fiscal, criminal, civil and family matters. It also deals with appeals from administrative bodies such as the Ministry of Public Works. There is a chief justice and 49 deputy judges. Saylor’s tax evasion would fall under the civil responsibility of the Superior Court.
Saylor, a bitcoin maxi, resigned as president and chief executive officer of microstrategy in August. 2022, taking on the role of Executive Chair of Enterprise Strategy. Under the leadership of saylor, the company approximately 2,395 Bitcoin at its stock between Nov. 2, 2022, and Dec. 21, 2023, taking its Bitcoin holdings at approximately 132,500.
MacroStrategy Loan does not lead to the insolvency of Silvergate.
Last year’s Bitcoin market rout drew considerable attention to MicroStrategy after it was revealed that the firm’s MacroStrategy subsidiary took out a Bitcoin-backed loan from beleaguered crypto bank Silvergate Capital in March 2022. Saylor repeatedly asserts that the company should liquidate a portion of its Bitcoin in a margin call.
Now, although the bank is confronted with headwinds and insolvency threats after the departure of its main partners COINBASE and Galaxy Digital, Questions were raised as to whether a drop in the value of MicroStrategy's loan guarantees would push Silvergate to the brink.
However, the software company was categorical that its loan of 205 million dollars is due in 2025, and the Bitcoin guarantee is not held by silvergate. Consequently, any decline in Bitcoin price would not cause the bank to become insolvent.
California-based Silvergate told the U.S. Securities and Exchange Commission that it would delay its annual report after selling securities at a loss to service debts. The bank is facing allegations of collusion with former FTX boss Sam Bankman-Fried to mix FTX client funds with FTX subsidiary Alameda.