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Our lawyer (Sekido) is of the opinion that a “Civil Rehabilitation” (CR) offers the greatest prospect of success for us. Under CR the insolvent company (Mt. Gox) would be rehabilitated, but only for the purpose of distributing the funds to the creditors, not to revive Mt.Gox as a functioning exchange.
While this procedure was discussed and planned in the forum, it became known that on November 29th another creditors’ association had already filed an application for the CR with the Tokyo court. There was a lot of speculation about who the “MC”, the “Mysterious Creditor” might be and what his intentions are.
There is a further speculation about the motives for submitting the petition shortly before us, as the MC should know the plan of this group.
In principle, it is probably not a disadvantage if someone else submits the petition, since the examiner appointed by the court listens to all those who have something to say. That’s why our lawyer was asked to contact Fukuoka and the court. The aim is to work together to fill the gaps that Fukuoka and MC have not yet planned.
Whether the petition for transition to the CR will be approved should be decided in a few weeks’ time. It can be assumed that the trustee would oppose this, because it probably represents a liability risk for him. This is not necessarily bad for us, because he could oppose CR in order to be overruled by a judge, which would absolve him of any liability.
If the court decides to consider transitioning to CR, a plan must be developed that requires 50% of the creditors’ voting rights to be approved.
Apparently, the claims submission process would be reopened in the event of CR. However, it is not yet clear whether claims collected by the trustee can be taken over 1:1 in order to speed up the process.
At the moment, we are mainly discussing:
- How to allocate the available funds to Fiat and Bitcoin creditors at a later date
- How and whether to get the 50% of the votes together and what role fiat creditors (both depositors and others) play in this
- How to re-establish claims as quickly as possible
Sekido’s team met with Fukuoka, all sounded very positive, and next are meeting with the Examiner, Ito-sensei. Then once they have all the info they need from him they plan to sit down with Jesse (Kraken CEO). They will give a full report when they’ve spoken to everyone.
Sekido’s team meets the examiner on 27.12.2017.
- 02.28.2018 Deadline for the examiner’s investigation into the possibility of CR.
- Waiting for input from Sekido about communication with the examiner and Jesse Powell, CEO of Kraken, a potential CR sponsor.