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Topic: Bitcoinica liquidator wants to hear from users - page 8. (Read 64418 times)

hero member
Activity: 661
Merit: 500
EDIT: How do we contact Wendon and ask them what the hell is actually going on with all of this? 

You could try contacting Tihan Seale.

From the 2nd report:

I will get -nothing- for having entered this bloody fray, and you know well what I have risked to do so.  I will not see a second of my life back or a single satoshi. But by God the customers will.

The court appointed the principals of PKF Corporate Recovery & Insolvency to administer the liquidation. It will be their job to return funds to customers to the full extend possible. They will require the cooperation of MtGox and Bitcoinica's managing partners to accomplish this.

Also, what happened to the 15.000 BTC recovered after the Mt.Gox hack by Patrick Murck? I assume these were held in a separate non-frozen account that the Liquidator should have access to at this point?

When the hacker was ready to return 15,000 BTC, that transaction was delayed for days because the Consultancy would not provide a receiving address.

Thankfully, Mr. Murck stepped in as a licensed attorney to broker their receipt. He was subjected to a lot of hazing and invasion of privacy here for doing so. Without him, the coins might never have been recovered.

Those funds and any additional recovered funds will be placed under control of a receiver. This is a formal legal process that will allow Mt Gox et al to release funds to the receiver for distribution.

We have been in this thing for so long now, I am starting to forget what even happened in the first place.

I guess I can try to contact this Tihan @ wendon group to see if he can move this thing along.  Doubt it will help though.

I guess what I can't understand for the life of me is......

a) Why can't they just stop all this b.s. and just take the coins out of the mt gox account for distribution?  I mean if someone has the password to the mt gox account, why can't they just be withdrawn?  Is it because this Patrick guy is "on the hook" to Wendon because of what went down?

b) If this patrick guy is the only one with the PW, what happens if he becomes incapacitated?  Then the coins are essentially lost to the black hole on mt gox forever?

c) Why doesn't this liquidator just get on with suing these fucks at mt gox instead of just siphoning $50,000 a year to write 2 reports that maybe took about 2.5 hours to create?  I mean its been like 2 years or so I feel.  Why just continue to string this along.. obviously mt gox is a pos.. just lets get this fucker over with. 

I feel like I am taking crazy pills.  I guess I can try writing to Wendon  Group.  I am sure either a no response or brick wall. 

If you are correct about Wendon group giving up all rights as a secured creditor, we should be in the clear as far as distributions coming back to us. 
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
EDIT: How do we contact Wendon and ask them what the hell is actually going on with all of this?  

You could try contacting Tihan Seale.

From the 2nd report:

I will get -nothing- for having entered this bloody fray, and you know well what I have risked to do so.  I will not see a second of my life back or a single satoshi. But by God the customers will.

The court appointed the principals of PKF Corporate Recovery & Insolvency to administer the liquidation. It will be their job to return funds to customers to the full extend possible. They will require the cooperation of MtGox and Bitcoinica's managing partners to accomplish this.

Also, what happened to the 15.000 BTC recovered after the Mt.Gox hack by Patrick Murck? I assume these were held in a separate non-frozen account that the Liquidator should have access to at this point?

When the hacker was ready to return 15,000 BTC, that transaction was delayed for days because the Consultancy would not provide a receiving address.

Thankfully, Mr. Murck stepped in as a licensed attorney to broker their receipt. He was subjected to a lot of hazing and invasion of privacy here for doing so. Without him, the coins might never have been recovered.

Those funds and any additional recovered funds will be placed under control of a receiver. This is a formal legal process that will allow Mt Gox et al to release funds to the receiver for distribution.
hero member
Activity: 661
Merit: 500
Ignoring the complete lack of progress here, if I understand the liquidators report correctly:

1.  Gox is holding about $51 million and change in assets from Bitcoinica

2.  The total of all claims amounts to a measly $1.5 million

I'm assuming the $1.5 million number presumes a bitcoin valuation of $11 a piece.  

If legal action is taken, and the funds are reclaimed, then after the $1.5 million is repaid the remaining $49.5 million windfall (minus liquidator and legal costs) goes to Ator / Wendon Group?

If that's the case, the unsecured creditors have little incentive to pitch in when the liquidator decides to pass the hat to come up with money for lawyers.  Seems like Ator/Wendon has the most to gain from this, so I can't imagine anyone else footing the bill for it.  Unless of course they decide to pay back BTC claims at something closer to today's exchange rate, in which case the situation probably changes significantly.

Regardless, seems like $51 million in assets vs. $1.5 million in liabilities leaves enough room to launch a whole fleet of lawyers to Japan.



No shit.  We better get out BTC back that was ours to begin with.  

EDIT: How do we contact Wendon and ask them what the hell is actually going on with all of this? 
sr. member
Activity: 431
Merit: 251
Ignoring the complete lack of progress here, if I understand the liquidators report correctly:

1.  Gox is holding about $51 million and change in assets from Bitcoinica

2.  The total of all claims amounts to a measly $1.5 million

I'm assuming the $1.5 million number presumes a bitcoin valuation of $11 a piece. 

If legal action is taken, and the funds are reclaimed, then after the $1.5 million is repaid the remaining $49.5 million windfall (minus liquidator and legal costs) goes to Ator / Wendon Group?

If that's the case, the unsecured creditors have little incentive to pitch in when the liquidator decides to pass the hat to come up with money for lawyers.  Seems like Ator/Wendon has the most to gain from this, so I can't imagine anyone else footing the bill for it.  Unless of course they decide to pay back BTC claims at something closer to today's exchange rate, in which case the situation probably changes significantly.

Regardless, seems like $51 million in assets vs. $1.5 million in liabilities leaves enough room to launch a whole fleet of lawyers to Japan.

legendary
Activity: 1022
Merit: 1000
I have no words to describe my level of disappointment.

Would be nice that some media publish an article about this situation and the attitude of Mtgox, someone should be asking questions to Mark about this.
hero member
Activity: 661
Merit: 500
35k to reword report and change date.. lol 

what a fucking scam this all is.
full member
Activity: 185
Merit: 100
Code:
Period               Cash balance  Spent      Actions
-------------------- ------------- ---------- ------------------------------------------
Mar 2012 - Nov 2012  $ 100,872                Collected claims
Nov 2012 - May 2013  $  44,989     $ 56,022   Waited on Mt. Gox
May 2013 - Nov 2013  $  11,684     $ 35,143   Re-worded previous report and changed date

So, there were $11,684 left in the bank on 2013-11-01. At this rate, is there anything left to keep the liquidation going by now?
hero member
Activity: 661
Merit: 500
If Patrick has the PW, why cant he just withdraw the funds?Huh
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
I'm so glad Mt Gox is protecting me from my BTC!

Exactly. God only knows what you would have spent it on otherwise... Crack Cocaine, Scooby Snacks, Goat Goodies...

Good to know Father Mark is looking out for us.

hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
Some ex-bitcoinica staffer should have the password, right?

And even if they forgot it, shouldn't they be able to reset it?

We could offer a reward for retrieving/remembering the password and handing it over to the liquidator.


Patrick Strateman had the password for a long time but was not willing to hand it over to the liquidator until recently. The liquidator should have the password now, but MtGox insists on protecting your privacy. Bless their hearts.
legendary
Activity: 1868
Merit: 1023
Some ex-bitcoinica staffer should have the password, right?

And even if they forgot it, shouldn't they be able to reset it?

We could offer a reward for retrieving/remembering the password and handing it over to the liquidator.
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
I can't believe this shit.. what happens when gox goes down?  

If Gox goes down we will have an insolvency within an insolvency. We must go deeper.

Comparing the glacier speed of the liquidation to the breakneck speed of the BTC ecosystem, I predict more FUBAR in the near future.
hero member
Activity: 661
Merit: 500
Jesus, it was like 1 page.  Am I reading it correctly where it says we have 64,000 BTC sitting in an account in total??

Then it states if gox doesn't respond they need to take legal action, which probably should have happened about 1 god damn year ago.  

I can't believe this shit.. what happens when gox goes down?  

Who has access to these funds?  There has to be 1 person with the password?? WTF??  What if this person dies?
legendary
Activity: 1868
Merit: 1023
They still haven't got the money from MtGox as MtGox is saying they cannot prove they own the accounts.  They haven't given up on MtGox.

They are still considering legal action and would need to raise the money from creditors to do it.

They are spending down the money that they do have on lawyers and have very little left.
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
There is nothing to read. Nothing happened.

MtGox still sitting on BTC funds. PKF taking what is left in USD funds as fees. FUBAR.
hero member
Activity: 661
Merit: 500
We just got an Email.  Wont have a chance to read it though for the next hour.  Hopefully someone can summarize.
hero member
Activity: 761
Merit: 500
Mine Silent, Mine Deep
sigh..
hero member
Activity: 661
Merit: 500
could today be the day.....
legendary
Activity: 1526
Merit: 1001
2012, 2013, 2014, 2015 - it doesn't really matter. I will check back in a couple years.
hero member
Activity: 661
Merit: 500
I just noticed this on pkfcr's site:

Quote
Please note that our office will be closed for business from 23 December 2013 and will re-open on 13 January 2014. Should  you require any urgent assistance, please contact Steve Lawrence on 021 898 776.

http://www.pkfcr.co.nz/

It's like dealing with the French. 
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