Topic: MtGox withdrawal delays [Gathering] - page 22. (Read 908459 times)

The Attorney will decide about every claim with the judge on september, until there, no comunications....

Did you try submitting the claim online? So long as it is possible to do that, there is no need to do the offline claim form. But according to the instructions for the offline form, you have to send it by mail. To find the offline form and the instructions, go to https://claims.mtgox.com and click "click here" at the bottom of the page.

Did anyone get any emails to start the claims process? If not, how would we know apart from checking the forums everyday? (I didn't get any emails but I didn't have anything there)

I'd advise contacting Kraken ASAP (via their thread (https://bitcointalk.org/index.php?topic=290799.2880) / site (www.kraken.com) or directly PM user: Dargo) in order to see what's possible and what's not. Don't just wait nor trying to do things by your own. If something is possible to be done, the best case scenario is to have somebody with access to Kobayashi; and right now, Kraken has that access.

I think you may be shit out of luck there. If you missed the deadline I don't imagine they will allow you to file the claim now. How did you muss the deadline?

The Offline Claimant form, anyone knows what email to send that to ? I missed the 29 May deadline, but hopefully they will accept my claim.

I wonder what will happen with this.

I think MK has a lot of his stash (5M) captured by the US Govt. for running a money transmittance service back in 2013; that's why he didn't want to appeal to the court there. I don't know if the "loans" have managed to make his current economic condition better, but since he has a gag order I believe he couldn't tell us even if he wanted to.

On the bright side, when this is over, Kraken will hold a lot of his original customers and probably will get a nice position to the exchange business. I think this will probably give the price the much awaited boost it needs after 1+ year bear market.

Since Kobayashi opened bankruptcy proceedings of Tibanne, he will be forced to give a % back (how much % is the question), quoting:

While I have continually and strongly claimed against TIBANNE Co., Ltd.
(“TIBANNE”), which is the parent company of MtGox Co., Ltd. (“MtGox”), for
repayment of the loan receivables that MtGox has against TIBANNE, repayment from
TIBANNE has not yet been made. Accordingly, on January 29, 2015, I applied for
commencement of the bankruptcy proceeding for TIBANNE, as a creditor thereof, with
permission from the Tokyo District Court. In response, on January 30, 2015, the
Tokyo District Court issued an order of commencement of the bankruptcy proceeding
for TIBANNE.
I, as the Bankruptcy Trustee of MtGox, will continue to make efforts to take
necessary measures with respect to collection of receivables due from affiliated
companies, etc.

I wasn't sure about the amount. It was 10M then. The critical question is then "Will he give them back?" 

I don't know whether that is legally possible, but mutiple payouts should be technically possible once the claims are collected and validated.

If that is the case, I suppose that distribution of the existing JPY assets could be made immediately.  The BTC assets would depend on whether they have to be converted to JPY or not.  Then, more rounds should happen if and when the legal actions against Tibanne and the other parties yield more funds.

Quoting from the 22nd April 2015 report, a total of about 1.3 billion yen (over 10 million dollars) is owed by Karpeles to MtGox depositors.

1. TIBANNE Co., Ltd.
The bankrupt entity has recognized that it has loan receivables in the amount of
JPY 772,791,001 (based on the settlement accounts of the bankrupt entity as of
April 24, 2014) against TIBANNE Co., Ltd., which is the parent company of the
bankrupt entity. Therefore, I claimed for repayment of the loan receivables
against TIBANNE Co., Ltd. However, I could not receive any repayment from
TIBANNE Co., Ltd.
Therefore, I filed for the commencement of bankruptcy proceedings against
TIBANNE Co., Ltd. on January 29, 2015. As a result, on January 30, 2015, the
court ordered that such bankruptcy proceedings be commenced (Tokyo District
Court 2015 (fu) No. 585). I plan to collect the receivables properly by filing a
bankruptcy claim form during the process of the bankruptcy proceedings against
TIBANNE Co., Ltd.
2. K.K. Shade 3D
Since the bankrupt entity has loan receivables in the amount of JPY 338,139,321
(amount based on the settlement accounts of the bankrupt entity as of April 24,
2014) against K.K. Shade 3D, which is a subsidiary of TIBANNE Co., Ltd., I
claimed for repayment against K.K. Shade 3D and continue to negotiate such
repayment. If voluntary repayment from K.K. Shade 3D is not likely to occur, I
plan to consider taking necessary legal action.
3. K.K. Bitcoin. Cafe
The bankrupt entity has filed its proof of bankruptcy claims (consisting of loan
receivables in the amount of JPY 60,000,000 and accrued interest) in the process
of the bankruptcy proceedings against K.K. Bitcoin. Cafe. However, one of the
creditors of K.K. Bitcoin. Cafe objected to the full amount of the aforementioned
bankruptcy claims. In response, I filed a petition for bankruptcy claim
assessment against such creditor to the Tokyo District Court in November 2014.
The Tokyo District Court then determined on February 12, 2015 that the assessed
value of such bankruptcy claim is the same as the value stated in the filed
bankruptcy claims. However, the above creditor filed an action to object to the
bankruptcy claim assessment on March 11, 2015. The case is currently heard
before the Tokyo District Court as the case for the objection to the bankruptcy
claim assessment (2015 (wa) No. 6570).
4. Robert Marie Mark Karpeles
Since the bankrupt entity has loan receivables in the amount of JPY 136,175,781
(amount based on the settlement accounts of the bankrupt entity as of April 24,
2014) against Robert Marie Mark Karpeles, who is the representative director of
the bankrupt entity, I claimed for repayment of the loan by him and continue to
negotiate such repayment. However, since he has so far not presented any
repayment plan to me, if voluntary repayment from him is not likely to occur, I
plan to consider taking necessary legal action.

If this is legally provable, I bet Kobayashi won't leave it unnoticed. I mean there's already an order on him returning about $1M back in fiat (which up to date, he didn't) isn't it? But; yes, I think too, this may be the most possible scenario Tzupy.

Would it be legally possible for Kobayashi to reimburse the MtGox customers in 2 steps?
I mean, Karpeles still has a lot of depositor fiat in his possession, that he has no intention to give back.
The trustee only has 202k BTC and some fiat available, and likely won't be able to get the rest of the fiat from Karpeles anytime soon.
It may take another year or more until some of the fiat that Karpeles loaned to himself could be recovered.

I read that MtGox was still paying Tibanne huge sums of money after it closed. The link below puts the figure at $420,000. Fortunately, Tibanne is now bankrupt and as you say even $420,000 deducted from the estimated amount MtGox has left will not make much of a dent in it.

http://www.newsbtc.com/2014/10/22/mt-gox-trustee-approving-large-payments-tibanne/

Don't worry, the best efforts are being made to make everyone receive the fairest part of what has been left by the hackist thieves.

Regards,

Karpeles

Maybe...

Sorry to say this, but it seems that most bitcoiners simply refuse to understand that the legal system does not work at all like an internet forum or bitcoin statup.  We saw it in hundreds of scams, from MtGOX to Neo&Bee to the bizarre capers of Ver x Ripple and Ver x OKCoin: bitcoiners are totally naive when it comes to laws and courts.  Perhaps it is a consequence of the libertarian beliefs, but bitcoiners seem unable and unwilling to distinguish their wishes from their rights, their dreams from reality...

There is no "being nice" in law.  The whole point of it is to suppress the conflicting opinions and wishes of the two parties, and replace them by supposedly blind rules, mechanical procedures, and unquestionable decisions by impartial judges.

Accepting claims after a precise, court-mandated deadline is quite against that spirit.  I don't think that even Kobyashi could authorize that.  Kraken promising to do so without prior approval by Kobayashi (that is what the quote said) is more likely to be wishful thinking and recklessness than inside information.  Them being contracted to handle the claim collection does not give them authority to override what the court expressely determined.

Among the documents in the mtgox site are detailed reports by Kobayashi about the situation of the spoils.  (Scroll to the end, each PDF includes an Engish translation.)

His fees,and the fees of all consultants that he has hired, will be quite substantial, but small compared to the 200 kBTC and several M USD that are left.

These spoils are only 20-25% of the sum total of all client account balances at the time of the collapse, so that is the basic guess for the percentage that will be returned.  The exact amount will depend on how many peopel file a claim, and how many claims will be accepted as valid by Kobayashi.

But AFAIK it is not yet known whether he can return the BTC as BTC, or he will have to auction them to convert them to JPY.

some people said 25% in other topics(can't remember where I've read it, so can't give sources)

But I guess won't be much, and can perfectly be 0 or very close to 0

First of, being Goxxed and Vircurexxed (twice), I'm not at all sure that ANY exchange out there is 100% legitimate. The difference with Kraken is the excellent customer support and the fast transaction system (literally hours). I don't know if this will continue as time passes by, or after they incorporate the huge (?) MtGox customer base. Right now, I've put my hopes on them just for one reason. They pay attention on the details on how to run a cryptocoin exchange. The other alternative would've been to run the process myself. Well...


Jorge, Dargo works for Kraken. When a statement like that goes out in public that means it automatically risks their image. I'd bet they had inside info since they were the chosen ones from all the exchanges to handle the MtGox case...

Does anyone know how many Bitcoins are likely to be returned after all the lawyers fees and other expenses have been deducted? Lawyers fees alone can be astronomically high.