As usual the documents distributed during the creditors meeting are available from the MtGox.com website. Meeting started at 13:30, Q&A at 14:02. Next creditors meeting will be held October 1st 2019 at 13:30. Apart from what is written on the report, the trustee mentioned that large claims in assessment could make it difficult for civil rehabilitation to continue moving forward, and also mentions that seeing how bitcoin price dropped it might be better to sell. He asked people in the room at the end who was for selling BTC (0% responded "for", ~20% responded "against") but mentioned he wouldn't be bound by this and would act in the interest of creditors with approval of the court.
Q1 from Andy Pag (MtGoxLegal.com) was about CoinLab and voting. The trustee confirmed CoinLab's filed for assessment. In assessment both the trustee and CoinLab will submit their opinion to the court which will rule on the claim. Trustee wants this to move quickly. CoinLab's voting rights were rejected by the trustee, however since they filed for assessment now the court has to decide how to proceed and how much voting rights they get. The claim being large the trustee will keep monitoring the situation as he sees this as a potential issue.
Q2 Regarding voting for plan. Method for voting hasn't been decided yet. Since there is an online system for creditors, the trustee believes it'd be nice to make full use of it and allow voting there, but first there is a need to discuss with the court to get approval for such a method.
Q2' (Andy also asked about using more user friendly English translation in emails). The trustee explains that since this is a procedure under Japanese law only Japanese is legally required, however he will think about providing better English translations.
Q3: Some more explanations on attached non-exchange creditors. Amounts are indeed grouped by currency and both CoinLab & Tibanne claims were fully rejected. CoinLab has been under assessment process while MtGox was bankrupt and the process has already been ongoing for some time, so assessment under civil rehabilitation will resume from there in order to save time.
Q4 was about email sent to offline creditors. Emails will be sent in the next few days to creditors at the contact address they provided. Creditors list can also be obtained from the court.
Q5 was about how civil rehabilitation will deal with "zombie claims", trustee says it isn't defined yet as there is no plan yet.
Q6 was about forks. The document mentions BTC forks will be taken into account, what about BCH forks? Trustee answers that any fork the trustee controls with value will be taken as part of the bankruptcy estate and distributed to creditors.
Q7 asked about other rehabilitation ideas such as reviving MtGox. Trustee confirms there is no plan to revive MtGox, only to distribute assets to creditors, as cash or crypto if bankruptcy plan allows it. Trustee explains that in case of crypto distribution because they cannot use the blockchain they need to go through an exchange. Creditors will have to create accounts, and will see their balance credited once distribution happens.
Q8 asked more details since the trustee has been stressing distribution in crypto would be difficult. Would you sell coins or distribute? Trustee answers he'll act in whatever way is the best for creditors with approval of the court.
Assuming rehabilitation eventually becomes a reality, what is your wish list for MtGox once it emerges from its bankruptcy?
In other words, what new website features would you like to see, security, banking connections, regulation and so forth in a new MtGox? Personally, I'd like to see a mountain in its logo like Alta Vista once had. Maybe it could even look a little like Mt. Fuji? Though, I'm tired of hearing about its infamous Magic: The Gathering card connection. MtGox should be named after something a little more dignified such as a mountain--even if it's only a fictional one.
If the price of BTC continues to rise, will Karpelès profit in the end? [x-post /r/bitcoin]
So Bitcoin claimants in the Mt. Gox downfall have agreed to receive under $450 per Bitcoin if/when the bankruptcy pays out. If the value of BTC continues to rise, to the point where 100% of genuine creditors can be made whole again, will remaining funds go to Tibanne (Mark K)? Or will he take the remainder and distribute among BTC holders?
How many people are working on a CR plan? I really think having something more concrete will help move this along. We can reduce the overall caution if a strong plan is laid out. There must be more than one buyer in line. Does anyone know of any?
Let me get this straight - Mark and his minions are not going to like this post
Mt.Gox was a custodian of its customers’ asset in either fiat currencies or in bitcoins. It entered the bankruptcy mainly because it had lost (as it so claimed) a significant amount of asset belonged to its customers. In order to fully apply the bankruptcy rules in Japan bitcoins were converted to Japanese Yen based on BTC exchange rate at the time picked by the court appointed trustee. This had to be done for the purpose of allowing all creditors of different asset types to agree on the final distribution of the company’s liquidated asset. In the unlikely event that all lost assets were found and recovered, the bankruptcy proceeding would end with all types of asset returned to their rightful owners in their original forms. Lately there have been online posts attempting to condition people with the idea that bitcoin creditors are only entitled to JPY50058.12 per bitcoin regardless of the actual outcome of the asset recovery. In other words, people should get ~$485 for each bitcoin they had in their Mt.Gox account even if all the lost coins are recovered next week, simply because these Mt.Gox customers had electronically consented to the BTC-JPY conversion rate set at the time when they filed their claims online. Equally absurd is the idea of “surplus” – because most bitcoin owners had filed claims online, therefore they are only entitled $485 for each bitcoin they kept at Mt.Gox despite the current per bitcoin price of over $4,000. The excessive amount after robbing the customers would result in a “surplus” that could turn the company solvent again. To these ridiculous false hope spreaders, we the creditors need to make our voice loud and clear – forget about “surplus” or “solvency”, they ain’t gonna happen, not before we recover all the lost coins. We should also fight and make sure any coins belong to MagicalTux are not part of the trustee’s approved claims as we shouldn’t shoulder his loss caused by his own negligence. Japan and Bitcoin will turn into long-term jokes if former Mt.Gox customers were to be robbed the 2nd time under the Japanese court system.
Mark - if MtGox does not enter Civil Rehabitilation, what are your itentions?
As title, if MtGox does not enter CR and we creditors get only claims pegged at btc/484$+fiat+interst most likely distributed in JPY, but the remaining btc and forks goes to the shareholders - Mark and others. What then Mark? What is you plan? Keep it to yourself? Anyhow, if Mtgox get this 165k btc + forks converted to JPY (or not) to be distributed to the shareholders as dividend (you Mark) it would be enrichement from other people bitcoins - from mtgox creditors, not yours as shareholder. In my opinion, that funds 165k btc + forks should not be considered as dividend or to enter as mtgox active capital what can go to the shareholders either by MtGox company dissolution or trough dividends. How can be considered as divindend if Mtgox is banrupt, insolvent and in liqidation? Its contradictory! Did any jap. lawyer actually confirmed this? u/MagicalTux Edit: Hear this analogy: person is held as custodian other people gold. Around 3/4 of this gold get stolen and person declare bancrupcy although he is not actually bankrupt because no gold of his own got stolen. Appointed person bankrupcy trustee/supervisor use little bit of gold and sold furniture to settle and pay some of persons liabilities and debts with some of trustee monthly expenses. Some poor fool loaned this person TV and unfortunetly TV went under bankrupt person belongings and got sold to settle some debt. (TV owner should make a court claim to exclude TV from bankrupt person belongings, but he did not). After 4 years of bancrupcy, gold price goes to the roof, trustee sold enough gold or even whole gold and settle all bankrupt person debts and liabilities, including people who gave him a gold under his care or custody, but exchanged to old evaluated rate of 10% today gold prices and trustee wire the rest of the sold gold to the person bank account and bankrupt person is not bankrupt anymore. Why....., because, person assumed gold as his ownership and make entry as such in accounting books so gold he got from other people is regarded as his own asset/belonging, not just under his custody! That gold also can't be regarded as person liability such as credit or loan or investment are. Credit/loan/investment can be used to make a profit or share in profit trough dividend, funds/property under custody/care can't! This is similar what Mark did, just instead of person is an corporation/company, but he blames bankrupcy laws as unjust. Nope Mark, its your fuck up from the getgo! We should make a claim to the court to exclude this users funds from Mtgox/Tibanne assets as it wasn't belong to them! Its still possible! Beside Mark, why your 100% share in Tibanne are not liquidated under yourown personal bancrupcy? Edit #2. Worst case scenario: Court settle all creditors claim with current evaluated btc (483$) where only enough intangible assets (btc) are liquidated (sold) to settle all creditors (what are almost already done), what makes bunkruptcy completed and reamining 165k btc and forks remain as Mtgox intangible asset where they can do whatever they want, liquidate and pay dividends, trade with btc, invest in other projects etc (bankruptcy is over, no obligation or liabilities to MtGox creditors). Little better scenario: Court accept new btc evaluation, but then these to be paid, all (or better to say) suficient remaining btc need to be sold(liquidate) to settle new evaluated creditor claims and question is how much liquid asset (funds) creditors would receive due to crushing the btc price. Eventual btc+forks surplus what would be quite lower then in worst case scenario, would remain as MtGox intangible asset, they can do whatever they want - bankruptcy is completed. Best scenario: Civil rehabilitation under supervision with approved plan where creditors can claim all remaining btc+ forks unexchanged (not liquidated) + what is already liquidated.
On May 19th 2011, MT.GOX’s parent company Tibanne registered a company in HONKONG, No. is 1603550. That company in HONKONG seems to have done nothing but in the leaked database a user ID TIBANNE_LIMITED_HK is created. This user is recorded first on Aug. 27th 2011 and it seems to own a quite high privilege. To be specific, the analysis by HTCFOX shows that it can trade without any processing fee. This user traded totally 2.8M BTC and 350M USD till the shutdown of MT.GOX. Especially, HTCFOX figured out that the initial trade by that user happened at Aug 27th 2011 7:48. It bought 1BTC with USD and then at the same time it sold 1 BTC to JPY. All the two trades had no processing fee. HTCFOX calls everybody to share the speculation from this result.
The privilege user, TIBANNE_LIMITED_HK operated in the same way till 2013. From March 2013 the name of that user has been changed to THK. The most suspicious part is, from March 2013, which was thought to be the start of 2013’s Bitcoin bullish, this user only did SELL… Though no much deeper analysis, HTCFOX simply doubts MT.GOX did some bad insider trade and lost quite a lot of BTC/FIAT.
If the leaked database is consistent, including HTCFOX, I think everyone got goxxed should feel very sick with it.
Even with current straight bankruptcy (hasan) trustee can address the court based on finance analysis and cuncil for new evaluations of intangible assets(btc) due to price violity and significant asset value increase after inital btc value evaluation, what if approved, with current straight bankrupty btc+forks must be sold to pay all creditors with updated and new evaluated claims. On another hand, only if CR and plan is approved, these btc and forks can be distributed unexchanged (unliquidated) to the creditors. All asset whatever tangible or not is liquidated only to the certain point to get liquid asset (funds) to pay all creditors. When that is done, bankruptcy is completed and court/trustee authority stops. Any remaining asset remain as asset what company can use to resume busines or whatever they choose. Ordinary, in bankruptcy liquidation, all asset in full had to be liquidated, because creditors claims are much higher then company assets worth. Its liqidated in full only if asset can't be sold partialy and there is no other assets to be liquidated. However, in MtGox bankruptcy things has changed, untangible asset are now worth much more then total of approved creditors claims and if claims stays with current evaluation, asset will be liquidated only to the funds worth what equal all total approved creditor claims, nothing more! Update: under bankruptcy (hasan) corporation has to be dissolved what after distribution of all creditors has been made and Court bankruptcy termination order , dissolution esentualy cause all remaining asset liquidation and surplus sent to the shareholders - Tibanne and then Mark Karpeles. Worst case scenario: The Court settle all creditors claim with current evaluated btc (483$) +fiat+interst coverted and paid as JPY where only enough intangible assets (btc) are liquidated (sold) to settle all creditors (what are almost already done), what makes bunkruptcy completed and reamining 165k btc and forks remain as Mtgox intangible asset where they can do whatever they want, liquidate and pay dividends, trade with btc, invest in other projects etc (bankruptcy is over, no obligation or liabilities to MtGox creditors). (Unfortunetly, in my opinion, this will most likely be the case. Read edit at the end of the OP). Update: under bankruptcy (hasan) corporation has to be dissolved what after distribution of all creditors has been made and Court bankruptcy termination order , dissolution esentualy cause all remaining asset liquidation and surplus sent to the shareholders - Tibanne and then Mark Karpeles. Better scenario: If some miracle (never) happens the Court accept new btc evaluation, but then these to be paid as JPY, all (or better to say) suficient remaining btc need to be sold(liquidate) to settle new evaluated creditor claims and question is how much liquid asset (funds) creditors would receive due crushing the btc price. Eventual btc+forks surplus(°) what would be quite lower then in worst case scenario, would remain as intangible MtGox asset where corporation can do whatever they want - bankruptcy is completed. (°(eventual btc+forks surplus would depend on new btc price evaluation for creditor claims and difference in new total claimed sum vs. funds JPY what trustee get from actual btc liquidation). Update: corporate dissolution aplies here too, just much less funds to be sent to the shareholders. Best scenario: (Low probability, read edit at end of the OP) Civil rehabilitation under supervision with approved plan where creditors can claim all remaining btc+ forks unexchanged (not liquidated) + what is already been liquidated. In this case, if plan is approved we would get 100% our current claim. We need to divide total claimed JPY sum with 50.058JPY (btc 483$) to get how much that is as btc base and on that result add aprox 17% of btc/bcc distributed as btc/bcc. Percentage (17%) might be lower, depend on ther lawsuit and non mtgox users creditor claims. Example of the best case scenario: Current approved claim. Rates to JPY (2014) BTC= 50,058.12 JPY; US$ = 1USD=103.64 JPY Currency US$ balance = 1,200$= approved sum JPY=124,368. Bitcoin balance = 14btc = approved JPY = 700,813.68 124,368+700,813.68 =825,181.68 JPY total of approved creditor claim/ that is sum what creditor receive 100% sum (liquid funds almost available, to be distributed as JPY). 825,181.68/50,058.12=> 16.48 BTC base: 16.48x17%=> 2.80 BTC and 2.80 BCC to return as cryptocurrency. Sumarise: Creditor receive 825,181.68 JPY and 2.80 btc and 2.80 bcc. That would be max return. Same calculation is aplied if creditor had only btc balances, only any currency (fiat) or both currency(fiat) and btc. Both fiat or currency mean: USD, EUR, GBP, JPY etc. Iam not sure what that actual CR and plan are in the "best case scenario" as I have no details. We actually need sort of "better case scenario" just without required to liquidate remaining btc+forks and to be distributed as intangible asset (btc+forks). Beside, its Trustee duty to look best interest of all creditors, but for bankrupt company as well, what might cause conflict. Its defenetelly hard and complex situation, for all parties. Questionable is whatever liquidated intangible asset (btc) under bankruptcy (straight or CR) are subjected to the capital gain (not dividend) and approprate income tax what would cause lower(dilution) funds distribution. However, in that case question is how would be regarded our creditor claims i.e. deductable as intangible asset value entry? Capital gain/profit- loss - deductable - expense=> corporate gross income - tax=> net income. So actually, from what I know from accounting practise, paid funds for evaluated claims would be asset (btc) "in value" while liquidated asset "out value" so actual capital gain net from btc are: difference in paid claims minus actal liquidation value! Beside, that "net capital gain" are not actually "net gain" as there are minus from other deductable sums and only when they are substracted make net income before corporate income tax! It maight be discharged, but I doubt it. Only liquidated untangible asset (btc) are regarded as corporation capital gain/profit, its not corporation dividends. Its conflicted situation because MtGox did not bought these btc, nor mined them, nor gifted, nor received as Mtgox investment and they were never corporation assets. Control of btc as intangible assets does not always equal propietorship (if there are contract or mutual agreement), but it will be (are) if not chalanged and Iam not sure on what grounds are we creditors then (unless corporation addmited debt/liability, but then again on what terms and conditions or user agreement these btc have been received?). Regardless, Trustee must have profesional finance advisoaccountant. Some examples of intangible assets: patents, trademarks, franchises, goodwill, copyrights, Internet domain names, performance events, licensing agreements, service contracts, computer software, blueprints, manuscripts, joint ventures, medical records, permits, and trade secrets and many more. When MtGox were alive, such intangible asset doesn't enter finance balance sheet neither as asset value or liability value. It would if MtGox exchanged them (trade) for his account with buy/sell price. MtGox when alive these btc just had to record in secundary books as btc +/- held analiticaly for each user. Under bankruptcy proceedings, such a intangible assets as bitcoin is very hard to assest (evaluate), usualy trustee waits until last minute bankrupt company to liquidate them or best bid (°) and to update btc evaluation value what prior were blank, in order creditors get as much as possible. In our case, trustee did not do that and I have not found anything what would make him to evaluate at start of the filling the claims. (°)Actually I think, in case of public auction certain restriction might apply, certain party can't bid (I might be wrong). However, not all asset are in the same category. In my country, bitcoin is regarded as financial asset, it does not matter is it tangible or not. If I as a person or the company make money from trading internet domains, it would be regarded as income subject to the tax. But if I as a person (not company) make money from exchanging certain personal financial assets, btc, any currency, diamonds, gemstone, gold and earn (dividends and interest excluded) from the positive rate difference, it would not be income subjected to income tax. But in same situation, company would be subjected to the taxes. Capital gain has two separate catogory, dividends what is profit on top of asset (asset reamin) and capital gain from the trade of asset, where one asset is exchanged to another asset and profit is from the rate difference, which can be either positive either negative. There was a lawsuit against bankrupt Mtgox where user requested full btc refund what were denied with this explanation:
Presiding Judge Masumi Kurachi said the Civil Code envisages proprietorship for tangible entities that occupy space and allow for exclusive control over them. The judge said it is evident bitcoins do not possess the properties of tangible entities...
Since the Trustee sold a large amount of bitcoins, and the approved claims under bankruptcy are now secured, there are several possible scenarios for distribution. I would like to read your opinions about the one I believe has the most chances to lead to Option A. For those who don't know what Option A is, please read this: https://wiki.mtgoxlegal.com/en/home/distribution-proposals/ Proposed steps of the scenario:
Distribute the 48.6 million USD which are approved claims of fiat creditors, while still under bankruptcy rules; this partial distribution has to be done with the approval of the Court; we could also wait until CR (civil rehabilitation) gets approved, but IMO would increase the chances for Option B;
Court approves Civil Rehabilitation; the fiat creditors have been paid in full, and now under CR only the BTC creditors have to be compensated;
Perform a partial distribution (most of the funds) of the remaining USD, about 350 million $, to the BTC creditors, so they can buy BTC or other crypto while prices are still relatively low, and close to the average price the Trustee sold at; leave enought fiat available for the operation of MtGox;
Perform a partial distribution (most of the funds) of the remaining bitcoins and forks, leaving enough funds to cover for the CoinLab and Tibanne lawsuits and future MtGox operation;
Don't shut down MtGox, even if the CoinLab and Tibanne lawsuits eventually get sorted out, but keep MtGox alive, with the purpose of investigating and recovering some of the stolen bitcoins; if such a recovery succeeds, distribute the recovered bitcoins to BTC creditors; even if only 10% of the stolen BTC would be recovered, that would be about 60 thousand, so IMO it's worth trying;
[MTGOX] Tokyo District Civil Court 20th Circuit - Civil Rehabilitation Proceeding translation from Japanese
As requested by ##mtgox-chat, I'm translating the original Japanese bankruptcy court filing document. I'm not a lawyer, and I'm not a native Japanese speaker, so I probably made lots of mistakes. But if you want to buy me a beer for translating this legal stuff: 18fgJ9ZbyL4U5KB2UxQLSDCypwynBKpUrM Original starts from Page 9 of http://www.scribd.com/doc/211626536/Karpeles-Declaration
February 28, 2014 Tokyo District Civil Court 20th Circuit - Civil Rehabilitation Engagement 〒 150-0002 2-11-5 Shibuya, Shibuya-ku, Tokyo MtGox K.K. Representative Robert Marie Mark Karpeles 〒 106-0032 1-9-10 Roppongi, Minato-ku, Tokyo ARK Hills Sengoku Yamamori Tower 28F Baker & McKenzie law firm Foreign Petitioner Lawyers Yamamoto Foreign Petitioner Lawyers ??? Phone: 03 -6271-9900 (main line) FAX: 03-5549-7736 〒100-0005 2-3-2 Marunouchi, Chiyoda-ku, Tokyo Kawai 2 Yusen Bldg. 4th floor (law firm name) LLP Petitioner Lawyers (name) Petitioner Lawyers (name) Phone: 03-6267-1241 FAX: 03-6267-1210 Attachments * 1. Introduction (Common with the former Someishiryou 2) credentials * 1. Resolution of the Board of Directors * 1. Power of attorney EXHIBIT A PURPOSE OF THE COMPLAINT For petitioner, I will start the rehabilitation proceedings. REASON FOR THE COMPLAINT Article 1 - Facts which will be the cause of the first rehabilitation proceedings Petitioner (debtor) MTGOX K.K. (Referred to as "petitioner" below) states its assets & liabilities overview currently as follows, since it is not able to repay the debts and obligations on their due date without causing harm. To prevent disruption of business, the petitioner files for bankruptcy protection. A full description of the circumstances that led to this will come later. Article 2 - Outline of the debtor Company (1) Corporate Profile (1) Company name The name is "Kabushiki Kaisha MTGOX". (2) Corporate objectives ① IT (information technology) system development and the consulting thereof; ② Internet/web contents development, and the consulting thereof; ③ Planning of server, development, design and computer; ④ Internet site management and control; ⑤ Any and all business incidental to each item before (3) The amount of capital and stock Total Shares Authorized 10,000 Total Shares Outstanding 500 Total Paid-In Capital ¥ 5,000,000 (4) Date of Establishment August 9, 2011 (5) Company Shareholders There are 2 shareholders of the company. The representative of the petitioner Mark Karpeles (hereinafter referred to as "the petitioner's representative.") holds 100% of the outstanding shares of TIBANNE K.K. (hereinafter referred to as "parent" or "TIBANNE" below), which holds 440 shares (88% of the outstanding shares). Tibanne K.K. 550 shares (88% of outstanding shares) Jed McCaleb (an individual) 60 shares (12% of outstanding shares) (6) Company Officers Representative Director Robert Mark Marie Karpeles The above-quoted claimant representatives, is also the sole shareholder and president of the parent company. (7) Head Office Location Shibuya 2-11-5, Shibuya-ku, Tokyo (2) Petitioner's Activities The main business of the petitioner is a operation of online exchange exchanges can buy and sell bitcoin or the like, which is a virtual currency. (3) office facilities, etc. The sole business facilities of the company, is the Head Office 2-5-11 Shibuya, Shibuya-ku, Tokyo. The parent company also leases the same office, and the petitioner sub-leases the office from TIBANNE. (4) employees The petitioner does not directly employee any employees, as the petitioner has entered into an operating agreement with the parent company, and is receiving services from the parent company. (There are a total of 32 full-time employees, contract employees, and part-time employees.) (3) Balance sheet of the Petitioner for the most recent two terms, one of each assets and liabilities (1) Balance sheet since the establishment of the petitioner, are as Someishiryou who submitted, but the summary is as follows. (Thousands of yen) Balance Sheet August 9 2011 - March 31 2012 April 1 2012 - March 31 2013 Current assets 95 3,838,803 Total assets 95 3,838,803 Current liabilities 21,232 3,831,393 Total liabilities 21,232 3,831,393 Total net assets ▲ 21,137 7,41 Total net assets and liabilities 95 3,838,803 (2) Income statement for the most recent two quarters 2 Income statement since the establishment of the petitioner, are as Someishiryou who submitted, but the summary is as follows. (Thousands of yen) Income Statement August 9 2011 - March 31 2012 April 1 2012 - March 31 2013 Gross revenue 1 0 135,072 Gross profit 0 131,085 Operating income (loss) ▲ 26,138 21,205 ordinary income 0 29,395 Net income (loss) ▲ 26,137 28,548 3 Contents of assets The inventory of assets, the status of the primary assets, and the contents of the assets of the petitioner are as follows. (Current assets) (1) cash deposits Petitioner's holds cash deposits in banks and other payment service providers totaling 513,988,952 JPY. (2) BTC account Petitioner operates a bitcoin exchange which has users conducting transactions (Hereinafter referred to as "Users") for the buying and selling of bitcoins. Petitioner receives approximately 0.6% comission of the total bitcoin trades. This is considered as property by considering the value of the bitcoins. At the time of this statement, approximately 901 million JPY worth of bitcoins. (3) Inventories 18,627,790 yen worth of OTP cards, 3,419,440 yen worth of Yubikeys, total of 22,047,230 yen. (4) advances Petitioner has participated in the annual event that takes place in France called E LOGIC that target people who are interested in computer, 7,968,000 yen for the prepaid expenses. (5) Short-term loans Complainant, Tsuke-kin credit for this and costs, incurred with respect to affiliates of petitioner.801,249,564 yen Short-term loans total. (6) other deposits Deposits from users who are at the bank other than the petitioner, 1,384,057,302 yen third-total deposits. (Fixed assets) (7) furniture and fixtures PC, fixed assets, such as equipment of the petitioner, server hardware, etc. totaling 107,510,694 yen. (8) development costs Software development costs, development costs, in-house development costs, mobile phone development costs, and the like totaling 91,964,675 yen (9) Deposit 540,000 yen deposit of rental space. (10) pledged insurance Seizure 10,586,875 yen based on provisional disposition order Total assets 3,841,866,163 yen Liabilities of petitioner are as follows. (1) Accounts Payable For the amount of accounts payable, there is something that is not in part, but it has been found to generally, totaling 19,033,902 yen. (2) BTC temporary receipt - 901,952,870 yenr In the same amount of money, a there is a current assets account (3) Deposits 5,502,576,538 yen Approximately 127,000 users have money on deposit.
note: I am just trying to help the people who got goxed not advertise any particular law firm. Resources are posted first: x post from: https://bitcointalk.org/index.php?topic=507274.0 background history on Selachii LLP: http://imgur.com/XJg8Rxe source: http://wck2.companieshouse.gov.uk/ & search Selachii 'bitcoinsolicitor' on reddit i assume = Selachii representative link given by selachii to confirm their background/experience: http://www.sra.org.uk/solicitors/firm-based-authorisation/abs-registe597443.page links to other related threads: http://www.reddit.com/MtGox/comments/1zn09i/selachii_trustworthy/ A concerning review on selachii directors brought to our attention by http://www.reddit.com/useDonutmuncher: "I read the whole thread on http://www.consumeractiongroup.co.uk/forum/showthread.php?367574-payday-loan-taken-out-2-years-ago-now-capital-credit-management-Lasker-International-taking-my-money/page4 when the Selachii directors were (allegedly) involved in debt collection. It appears Richard Howlett (Capital Credit Management) was working behind the scenes with Simon Taylor (Lasker Int) to get debts paid back but denying they knew about each other. They both are directors of Selachii now. " Selachii's letter to everyone: Selachii LLP London 7th March 2014 www.selachii.co.uk Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for fraud, negligence and/or breach of contract in Japan, the USA and/or England. Because of this, Selachii LLP are in advanced talks with Japanese and US lawyers with a view to combining resources and keeping costs to a minimum. As Mt Gox have filed for bankruptcy protection in Japan, it is important to realise that establishing liability against the company may not necessarily result in the recovery of damages, a position which will be carefully monitored. As in all litigation, there is a cost risk for a Claimant if that Claimant were to lose the litigation. However, we are examining options for Insurance policies that would protect Claimants from such costs. Further and detailed advice from Counsel regarding appropriate litigation insurance and also the prospects of success of any claims will be forthcoming to clients in due course. However, more detail regarding the losses is required in order for us to provide this advice and guidance to clients. A questionnaire has been prepared which will give sufficient information for every potential claim to be assessed quickly. Counsel will provide a full opinion on the merits and advice as to how matters should be taken forward by the 24th March 2014, or 7 days after receipt of the questionnaire, whichever is the later date. The fee for Counsel and Selachii LLP to initially build a case, obtain evidence and undertake fact finding will be 2 BTC per claimant. This fee will also include:- (i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings. It is felt that at this stage, it will only be viable financially to claimants to join in the class actions if they have 7 BTC or more. We would be grateful if each client who wishes to proceed would return the signed questionnaire and terms of business (with certified ID as per the questionnaire) by email and post. The claim will then be processed when funds on account of 2 BTC arrive (address TBA). It is important for claimants to understand that a claim will only be issued if negotiations fail. If it becomes necessary to issue claims, consideration will be given to the filing of class actions in whichever jurisdiction is deemed appropriate for your case. At that stage a further quotation will be provided (if necessary) for the costs relating to litigation, although consideration will also be given to proceeding on a contingency fee basis. My questions: Sorry but i think this should be discussed, many young people in bitcoin are likely very new to the legal world: The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases. 1.) Approximately how much extra could be charged from selachii if the MtGox case goes further? 2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back? 3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc. Note: I will personally find 2btc amazing value with some kind of result or guarantee btw 4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients? 5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims? I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later. Anyone else have concerns please post. So everyone knows, im assuming 'bitcoinsolicitor' is connected with Selachii LLP https://bitcointalk.org/index.php?action=profile;u=212314 Selachii response: The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases. Yes we have been contacted by approx 1000 people. We have people who have lost 1 BTC or less and others who have lost many thousand. For some people unfortunately our proposal will not be viable. We may release a second proposal for smaller claims at a later date. 1.) Approximately how much extra could be charged from selachii if the MtGox case goes further? This is impossible to accurately answer. If there are enough validated claims from a certain jurisdiction then there may be enough funds to issue a claim if necessary. If further funds are required then a new proposal will be provided. Please note that the fee is not just for a potential group action and includes the following: (i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings. 2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back? Please see above. If Counsel have started work on your matter and advice has been provided then no refund would be due. It would be brilliant news if everyone was paid back by Mt Gox in two weeks Smiley 3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc. Why does no one query this with fiat currency pricing? Often services and products are for sale for £10 or £100 or £9.99 or £99.99. Rarely do you see fixed fixed service prices at £9.34 or £913.45 etc Obviously we did have a choice here when pricing our service. We could have said £749.41 GBP (which is an odd number Smiley) and let people choose to pay with GBP or BTC. FYI you can still pay the fee in GBP / Pound Sterling. Note: I will personally find 2btc amazing value with some kind of result or guarantee btw Thank you - we think so too. It is not cheap to retain the services of a QC and Barrister to work on these matters. However it is simply not possible to guarantee success in any type of litigation. 4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients? As per above Please note proposal includes: (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings. 5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims? The 2 BTC is for: (i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings. It is not possible to advise of individual success of claims until Counsel have reviewed full details. This is why we have asked for the 'Information Questionnaire' and any documentary evidence of losses. Insurance will only become relevant if a claim is issued. If this needs to happen a quote will be provided. The cost will be shared between claimants. More claimants = less to pay I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later. What do you think is a fair fee? Thank you for your questions and comments.
Tibanne, the holding company of collapsed bitcoin exchange MtGox, is looking to sell its trademarks including the word 'bitcoin', according to the Wall Street Journal. Mt. Gox, called "Mount Gox" or simply "Gox", was the most widely used bitcoin currency exchange market from shortly after its inception in 2010 to its insolvency late 2013. The market was closed February 25, 2014 and has since filed for bankruptcy protection in Japan and the United States, after losing 640 thousand bitcoins. MtGox – die Chroniken. Zeitgleich entschließt sich Mark Karpelès, von Frankreich nach Japan auszuwandern und gründet in Tokio den IT-Dienstleister Tibanne Co. Ltd. Zwei Jahre später übernimmt Karpelès mit Tibanne die Börse MtGox, die mittlerweile auf Bitcoin umgestellt wurde. Diese Pleite erschütterte die Bitcoin-Welt: Bei Mt. Gox gingen fast eine halbe Milliarde Dollar in der virtuellen Währung verloren. Der Chef erklärt nun erstmals, wie es dazu kommen konnte. A years-old $75 million lawsuit against Mt Gox by US company CoinLab is delaying payouts to creditors, the Japanese bankruptcy trustee revealed today.
ДЕНЬГИ ЧТО ЭТО ТАКОЕ?ИСТОРИЯ ДЕНЕГ?КАК ПОЯВИЛИСЬ ДЕНЬГИ ...
However, the site abandoned Magic and became a bitcoin exchange, quickly growing to handle 60% of the bitcoin exchange volume, as of August 2013. It was established in 2010. Originally founded by ... ДЕНЬГИ ЧТО ЭТО ТАКОЕ?ИСТОРИЯ ДЕНЕГ?КАК ПОЯВИЛИСЬ ДЕНЬГИ?ВСЕ ЧТО ВЫ НЕ ЗНАЛИ О ПОЯВЛЕНИИ ДЕНЕГ! БИТКОИН ВСЯ ... Tibanne, the Japan-based holding company of collapsed digital currency exchange Mt. Gox, is looking to sell its trademark on the word "bitcoins" registered in both Japan and the EU, as well as the ...