Topic: MtGox withdrawal delays [Gathering] - page 5. (Read 908457 times)

I wonder who all relevant parties are, is there a list?

As a creditor I don't remember being asked my opinion if it was appropriate to crash the market. Was it in my benefit as a bankruptcy creditor? No.

Who decided on how to sell these BTC and BCH, why not use an OTC transaction?

Summary of Questions & Answers by the Trustee, copied from the mtgox-creditors site:

Q1. What is the meaning of the following terms stated in the examination report submitted by the examiner on February 28, 2018?

– “the bankruptcy creditors (especially those having monetary claims corresponding to bankruptcy claims) who filed proofs of claims in the bankruptcy proceedings of Mt. Gox”;

– “the benefits already expected to be obtained in terms of the bankruptcy proceedings”; and

– “measures taken to ensure the benefits of the bankruptcy creditors”.

A1. It is the examiner that wrote the examination report. Therefore, we [the bankruptcy trustee] cannot answer regarding its contents. We will discuss and consider the future direction with the bankruptcy court.

Q2. Have you made a specific plan about the “measures taken to ensure the benefits of the bankruptcy creditors” stated in the examination report? Do you intend to make any effort for the commencement of civil rehabilitation proceedings as the bankruptcy trustee?

A2. We will discuss and consider the “measures taken to ensure the benefits of the bankruptcy creditors” with the bankruptcy court. We understand the examiner’s concerns regarding the issue. Therefore, we are ready to hear suggestions from creditors.

Q3. When the content of the “measures taken to ensure the benefits of the bankruptcy creditors” has been decided, will we have the opportunity to receive an explanation beforehand as creditors? Will I have a chance to state my opinion as a major creditor?

A3. We will notify the creditors of our plan once it is determined. We will hear the creditors’ opinions, and we would appreciate it if you could send us your written opinion.

Q4. When and how did you sell BTC and BCH? What was the difference between the sales figures for BTC and BCH? Have you obtained any information from the U.S. Department of Justice on the disappearance of BTC?

A4. We sold them at the market price through the cryptocurrency exchange service provider from December 2017 through February 2018. The difference between the sales figures for BTC and BCH was just the timing of suspending sales; therefore, we did not have any particular intention. We have not obtained any information from the U.S. Department of Justice.

Q5. Please explain the current situation concerning the bankruptcy claims assessment procedure applied for by CoinLab, Inc. Do you have any plans to pursue the liability of officers?

A5. We do not have any specific ideas on settling the case for the time being, but we may consider that depending on the future situation. We did consider suing Mr. Karpelès, but now it does not seem to be productive because he has gone bankrupt.

Q6. Why don’t you distribute funds to the creditors even though there is enough cash in the bankruptcy estate?

A6 We obtained the cash recently by selling BTC and BCH. With respect to distribution, there is an issue concerning assessing the amount of BTC creditors’ claims; therefore, it is difficult to determine whether proceeding with the distribution process would be desirable for the creditors.

Q7. I think it is unjust to distribute the remaining assets to the shareholders of Mt. Gox. Why don’t you proceed with the civil rehabilitation proceedings as Mt. Gox’s bankruptcy trustee?

A7. We apologize if we have previously provided a misleading explanation, but we do not oppose transferring these bankruptcy proceedings to civil rehabilitation proceedings. We understand the examiner’s concerns on the issue; however, it is the Tokyo District Court that has to decide whether to commence civil rehabilitation proceedings.

Q8. I think it has taken far too long to proceed with the bankruptcy proceedings. Is this due to the bankruptcy trustee neglecting its duties?

A8. We recently obtained more than 40 billion yen (400 million dollars ) by selling BTC and BCH. With respect to distribution, there is an issue concerning assessing the amount of BTC creditors’ claims; therefore, it is difficult to determine whether proceeding with the distribution process would be desirable for the creditors.

Q9. I have never heard about the sale of BTC and BCH. Why did you sell them when the market price of BTC crashed? Why did you sell them in such a hurry? Is selling BTC and other assets part of the “measures taken to ensure the benefits of the bankruptcy creditors” as pointed out by the examiner?

A9. From the outset of the bankruptcy proceedings, we informed all relevant parties that we were going to sell BTC and BCH at the appropriate time. We discussed this with the Tokyo District Court and decided when we should sell them. Some creditors were of the opinion that we should sell BTC and BCH soon. We believe that obtaining a lot of funds made it possible for us to take the “measures taken to ensure the benefits of the bankruptcy creditors”.

Shakes head if there are any doubts that Mtgox is the gift that keeps on giving this is the icing on the cake ha-ha
I appreciate his sense of humor and the humor that the second largest hack on an exchange coincheck was also in Japan.
Albeit at least that one is still functioning.

I have my doubts, but just posting here for the sake of argument. Let's hope he's correct.

I gave you one

The adrenalin rush this guy must have had, seeing the stash diminish by hundreds of millions $ value in a couple of days...

Under bankruptcy rules, only in JPY. If Civil Rehabilitation gets approved, fiat creditors 100% back in JPY, BTC creditors about 4.5% in JPY, and the rest possibly in BTC.

PS. I am disappointed no one merited my "Liquidator Brunt Kobayashi" post, I thought it was funny...

Yes, that's what the plan is. Meanwhile, guys this is not over...
https://www.zerohedge.com/news/2018-03-07/bitcoins-tokyo-whale-sells-400m-bitcoin-bitcoin-cash

Are the paybacks to be made only in JPY now? At the time I made my claim, I specified BTC. I made the Kracken account, etc.

had to laugh at that. not funny really but oh man..

mtgox: the disaster that will not  die, it just keeps handing out pain.

PS had a gox account back in the day but had nothing in it when it went down.

Hold ma beer...

The cryptsy trustee also dumped the coins for a shit price. He's set a precedent for all future trustees to just dump them all and halve the market value.

It's not right to attribute malice to his deeds, but as far as it concerns me, I'd prefer my coins' private keys (since they can now cover everyone's coins). The previous decision of fiat reparations should be altered. I didn't have many coins held in there, but this is a bad joke for people with lot of coins trapped. So, I agree. Pretty poor performance so far.

IMO pretty poor performance by the Trustee. He sold BTC at an average of ~10 k$, while median price between December and February is about 13 k$.
He also shouldn't have sold so much, because the approved fiat claims were only ~42 million $. He sold enough to cover all approved claims, fiat and BTC ones.
That's because the MtGox estate is still operating under bankruptcy rules, and all approved claims are in JPY.
About the forks, so far he has only secured the BCH, but no other forks, and missed all airdrops.

Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/)
Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  

Thank you for this link. He seems to do a good job. About time to return the coins now 

I heard rumours about this $30k chair. Someone got it for cheap 

PS. Thanks to Micky25 for meriting it.

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

It's not 4.5k$, but ~2.5k$. Above this price level all approved claims (which are in JPY) can be paid 100%, in case bankruptcy goes on.
On reddit mtgoxinsolvency Karpeles wrote that he has no claim in MtGox, but I don't know if this is true. His position on the civil rehabilitation:
https://blog.magicaltux.net/article/A-good-MtGox-civil-rehabilitation-plan

Word on the rumour mill had it that Karpeles asked to get back the business since at the price of 4.5K each (or somewhere near that) Gox was solvent again. Plus, he keeps all the fork coins (!) and releases the rest to the users. I don't know if that was possible in the first place since he was convicted in Japan, but if it's like that then he's a rich SOB already...

Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on).
The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days.
https://www.reddit.com/r/mtgoxinsolvency/