Michael Arrington, the founder of Arrington Capital, has stepped down from the company's board, with Ravi Kaza set to take his place. Kaza hails from Fahrenheit Holdings, the entity that acquired Celsius' assets in May 2023. Arrington Capital, headquartered in Delaware, was founded by Celsius, a now-defunct entity involved in cryptocurrency lending. Arrington's decision to resign came just thirteen days after accepting the position.

Arrington cited disagreements over certain discussions regarding the board's structure, particularly regarding board observers, as the reason for his resignation. He noted that his resignation underwent significant legal review but expressed his continued support for the company despite no longer being on the board.

Following Arrington's departure, three new board observers from NewCo, a currently unnamed entity set to take over Celsius' functions, were appointed. Arrington's decision appears to be related to Simon Dixon's inclusion as one of the new observers.

Dixon responded graciously to Arrington's announcement, wishing him success in his future endeavors and expressing optimism about Kaza's appointment. Both Dixon and Arrington have refrained from further comment on the matter.

This development coincided with creditors of Celsius concluding a vote on the proposed sale of the company's assets to the Fahrenheit consortium. The outcome of the vote was finalized on September 22, 2023, with an official announcement scheduled for September 25, 2023.

Upon creditor approval of the plan, the United States Bankruptcy Court for the Southern District of New York will review the case. The court's decision on the plan's ultimate approval is expected on October 2, 2023. If the creditors' resolution fails, both Celsius and Fahrenheit will need to chart a new course forward.