Topic: MtGox withdrawal delays [Gathering] - page 7. (Read 908395 times)

I will add to the above post that if you haven't joined the legal action group which is funding itself as I write this then the time to act is now.

We don't know what the situation will be once the initial funding is completed but 'hope' to be able to continue to add new members once the funds are raised. Of course this may not be possible.

There is more news about the legal action group which is open to anybody with a Bitcoin claim against MtGox.

A bunch of over 400 people joined a group on google groups over the last month or two.

Terms have now been agreed with a large law firm in Japan (4th largest I believe) who are willing to fight for our fair share on our behalf.

To fund this legal action the total is just $30,000 plus 2% of any excess claims over and above the default + interest.

If we do nothing then we will only get about $480 per coin, we stand to gain much more if this legal action is successful.

People can join the group directly : https://www.mtgoxlegal.com

The Google discussion group which led to this legal action (460 members right now) : https://groups.google.com/forum/#!forum/mtgox-creditors

There's also plenty of discussion in this subreddit : https://www.reddit.com/r/mtgoxinsolvency/

Now is the time to act or nothing will happen. If you don't have your own legal representation there is a chance you will end up with $480 per coin, there's always a chance that this group will force the trustee to completely change the way he does things which would mean everyone will benefit.

If you have a claim for more than say 20 Bitcoin I believe it's worth joining this group.

My claim is for 145 Bitcoins so I'm in and will do whatever is needed to help reach the right outcome of this massive fuck up.

I have also heard of other people launching actions which require approval of a majority of claimholders, I believe this means 51% of claims in Bitcoin or thereabouts so this is one way that things like this can be blocked together to form a powerful creditors committee (a first for Japan) and having representation will make it easy for us to be part of this block of people from what I understand.

If you have a Bitcoin claim there is no reason not to join either the above group or one of the others which are around.

BitcoinBuilder does if you have an account with them.  You could talk to their Owner and try and work something out if it is large amount I would assume.  He answers e-mails at [email protected] and his name is Josh Jones.  He'll probably tell you no if you don't already hold your Gox BTC there but you asked for anybody. 

can you give me info from companies - people that are buying claims ?

anybody??

until that d!ck peter venesses ceases his frivolous lawsuit they will keep having meetings about nothing. As someone who works here, Japan can't get enough of pointless meetings where nothing happens and nothing is ever decided. I'm sure Kobayashi is no different.

how many meetings do these guys need?

On September 27, 2017, the ninth creditor’s meeting was held.
The tenth creditor’s meeting will be held at Tokyo District Courtroom for Creditors’ Meeting No.1 (5F, joint government building for the domestic, summary and district courts) at 13:30 on March 7, 2018.

oops, my bad above then.

There is no original payout method, it was just a survey.

All payouts are going to be in Yen unless they decide they will allow payouts in Bitcoin, they stated that if they do allow payouts in Bitcoin people will be asked again for their preference.

Here's a screenshot from the original claim form showing exactly what it said :

It seems that assets now outweighs the debts (going by the BTC valuation at the time of bankruptcy). No telling how much in fees Kobayashi will claim because that dick Venesses is dragging the whole thing out. If you want a payout sooner go bug him on social media or order him a pizza at 3am to his house using Mark Kapeles as the delivery name.

No idea about if you can change your original payout method but because of the huge numbers of claims I doubt they will want to have to ask & readjust it all again.

Hi all,

Is it true that we anyway won't get a full refund as they don't have enough assets and the bankruptcy costs are so high?

Also, does anyway know if we can change from getting back JPY into payout of Bitcoin?

Thanks in advance!

L.

I listened to that interview too, amazing how the whole holdup is just him. I'm surprised that someone hasn't tried to sue him in return but vexatious litigation might be a hard argument to win in court. The more people know about Venesses the better as it will blacked his name in the industry. Well, even more than it is now...

I dont see why the kraken CEO would have much of a reason to lie.  Peter Venesses has being reported as saying he wouldn't be bullied by anon drugs dealers with money caught up in mtgox haha.  So we can gleen from that 1.)Its likely true he is the main cause holding up the gox payouts 2.)he has considered the type of people whos payments he might be holding up.  If we put some pressure on him it could be helpful at this stage.

Wow. If true, it's astounding how a single person can put such lengthy and tedious legal procedures on hold. He truly has no merit if the accusations is true to any extent, causing a hold on the funds of so many people is really selfish. Jokes on him though, bitcoin gained so much time in the meantime. Hopefully prices won't fall too much again.

The reason why you dont yet have your bitcoin from gox is peter venesses:

https://www.youtube.com/watch?v=WKvkV-m6RrI

He is holding up the 200,000 bitcoin payouts with some business claim, the kraken CEO says everything would have been paid out by now if it wasn't for him.  Try to put pressure on him or anyone you know working with him.  Its crazy some kind of agreement cant be made here.

I can't believe this saga is still ongoing!

Let's not forget the next fork that we will end having 3 of them... BTC.... BCH ( that i personally don't want touch it at all but for taking back our money is more than welcom... )  and one more...

The good thing is that they not have enough time to start and finish the distribution before the fork so maybe we are lucky and we get something more out of it.

We will see, if they choose to pay us at ~480 per coin then for sure i will spend every money i have to lawyers. - and i am sure i'm not the only one..
I am sure they know that we are all coming together finally.

You're right about the Bitcoin Cash, there will be 202k Bitcoin Cash which can be claimed by the trustee on behalf of users who've been screwed over.

The 'break even' point is way lower than the $4,100 you mention, it's about $2400.

By 'break even point' I'm including all spurious lawsuits, etc - they could pay everything claimed including the Coinlab lawsuit based on a Bitcoin price of $2400.

So the point where all claims could be settled has long passed and there's now a massive and growing surplus of 100's of millions of dollars left in the MtGox bankruptcy case which far exceeds all claims.

There's talk of claims having a 'ceiling' of the actual amount of Yen at the time our claims were accepted which would leave the MtGox shareholders with the hundreds of millions of dollars surplus. Things should be a bit clearer after the September 27th creditors meeting in Japan. If the claims are no somehow revalued to take into account the increase of Bitcoin prices then I suspect there's going to be a shitstorm of lawsuits hitting the courts.

Seeing as delay damages have already been added to claims automatically I would assume that as we are now 2 or so years on there will be more added if the funds are there. Plus don't forget that Kobayashi has been spending it up large no doubt. Probably peanuts left over even at current $4,300 price.

What is the supposed "break-even" BTC value if claims are valued at $480..was it something like $4,100?

Edit: come to think of it, there should be 202,000 Bitcoin Cash now attributable to the equivalent BTC holdings. That's worth around 20,000 BTC at current rates. I hope that Kraken & the other advisers Kobayashi has taken on makes him aware of this fact.

Some of us are considering pooling our resources to send a representative to the MtGox creditors meeting on September 2017 in Japan and further to this we are considering legal action in Japan if required.

If you have an approved claim in the MtGox bankruptcy and are not happy about a potential payout limit of $480 per Bitcoin considering it's $4300 today then I suggest that you at least look at this.

I've made a separate thread about it here : https://bitcointalk.org/index.php?topic=2120231.new#new

The idea is that we might hire some lawyers to mount a challenge, I believe there's various other creditors with coins stuck on Gox since 2014 doing a similar thing but these are going to be people with larger claims and there are some very large claims.

For people with smaller claims where it doesn't make sense to hire your own lawfirm I suggest checking out the above bitcointalk thread and following the links to the google group where we're considering our options.

Yes outdated watch https://www.mtgox.com/ first red box, after the japanese language part, on the english, is clearly stated that now only rejected claims can be disputed. And i don't remember also if that part is done or not....