{"id":12234,"date":"2026-08-22T19:14:14","date_gmt":"2026-08-22T19:14:14","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12234"},"modified":"2026-08-22T19:14:14","modified_gmt":"2026-08-22T19:14:14","slug":"inside-transfer-wipes-out-1m-executive-debt-as-crypto-firm-offloads-payments-business-without-independent-valuation","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12234","title":{"rendered":"Inside transfer wipes out $1M executive debt as crypto firm offloads payments business without independent valuation"},"content":{"rendered":"

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RocketFuel Blockchain transferred substantially all assets used in its payments business to RPay, whose sole director and CEO, Peter M. Jensen, also serves as a RocketFuel director and executive officer.<\/p>\n

The related-person deal closed Aug. 13 and was disclosed in an Aug. 21 regulatory filing. RocketFuel said the assets used primarily in payments included intellectual property, contracts, merchant relationships and other assets, together with cash and accounts receivable attributable to that business.<\/p>\n

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The disclosed consideration centered on debt relief. RPay assumed $800,000 in deferred compensation that RocketFuel owed Jensen and $200,000 owed to Bennett J. Yankowitz, a former RocketFuel director and executive who remained on its advisory board. RocketFuel was released from both obligations at closing.<\/p>\n

The filing’s consideration section did not list a cash payment to RocketFuel. It described consideration received by the company, not a distribution to its stockholders.<\/p>\n

RocketFuel also received a warrant to purchase 160,000 RPay common shares. The warrant is subject to a $1 million repurchase right exercisable by RPay at any time, meaning the filing did not describe RocketFuel as receiving either the underlying shares or $1 million in cash at closing.<\/p>\n

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RocketFuel said Jensen’s interests differed from those of stockholders generally, citing the assumption of his compensation claim and the warrant terms. Yankowitz’s assumed obligation is payable at $0.25 for each $1 paid to Jensen, at the discretion of RPay’s board.<\/p>\n

RocketFuel’s board determined that a stockholder vote was not required under NRS 78.565. The company said the board approved the transaction using a fairness memorandum that addressed the disclosed conflicts, rather than obtaining an independent valuation or stockholder ratification.<\/p>\n