You're missing something key here, Nagle, the Mt. Gox collapse was part of a professional job of asset stripping, all planned out in advance. In other words, it was engineered.
The reason that there have been no meaningful lawsuits, is that the legal moves have been thought out well in advance, in order to manipulate all the potential outcomes. The chess masters behind this play have anticipated the possible legal strategies, and taken counter-measures.
Customer depositors are to be relegated to the status of "unsecured creditors". That leaves it up the bankruptcy trustee to decide how their claims are handled and relative priority, subject to the final approval of the court.
It's part of a plan to marginalize depositors and represent that their claims are no more important than those of various other Mt. Gox creditors ranging from banks to providers of janitorial services. It's all part of "socializing the losses" that will be remedied by a debt for equity swap. Depositor's will get stock in the reanimated Gox exchange for their lost bitcoins and cash.
Remember, the buzz word "creditor-friendly" does not have exactly the same meaning as "depositor-friendly". Depositors n.e. creditors.
Topic: No Mt. Gox litigation involving Tibanne. Karpeles still involved? (Read 556 times)
Nobody is suing in Japan. Sunlot and the US class action are a scheme to enrich Sunlot. "Mtgoxrecovery.com" never actually filed suit. They don't even update their site any more.
The "Bitcoin multi-plaintiff suit" seems to have never happened. The law firm in the UK that was recruiting customers seem to have accomplished nothing.
Courts are reactive - they deal with cases brought to them, and don't initiate anything. Nothing is happening because the people who lost money aren't making it happen. If you're not involved in a lawsuit against Mt. Gox and Tibanne in the Tokyo District Court, you're not doing anything. There's hundreds of millions of dollars in losses. Where are the lawsuits?
(I didn't lose any money in Mt. Gox; I'd been saying "get out of Mt. Gox" since the "hiatus on withdrawals" in June 2013.)
The "Bitcoin multi-plaintiff suit" seems to have never happened. The law firm in the UK that was recruiting customers seem to have accomplished nothing.
Courts are reactive - they deal with cases brought to them, and don't initiate anything. Nothing is happening because the people who lost money aren't making it happen. If you're not involved in a lawsuit against Mt. Gox and Tibanne in the Tokyo District Court, you're not doing anything. There's hundreds of millions of dollars in losses. Where are the lawsuits?
(I didn't lose any money in Mt. Gox; I'd been saying "get out of Mt. Gox" since the "hiatus on withdrawals" in June 2013.)
It's like everyone but the depositors know exactly how this is all going to end, so no great legal minds have even bothered to lift a finger to act on their behalf. It's like watching a bank robbery happen in slow motion, yet you can't do a thing to stop it.
Also, do you really trust a trustee with the last name Kobayashi? Check out the wikipedia entry for "Kobayashi Maru". http://en.wikipedia.org/wiki/Kobayashi_Maru
Remember JEDI LP, Chewco Investments LP, Kenobe Inc and Obi-1 Holdings LLC. These were all Star Wars-themed financial vehicles implicated in manoeuvres to obscure the debts of Enron. Cute, eh?
And how about those two mysterious bots, Willy and Markus? They just happened to buy 650,000 BTC, exactly the same amount that have allegedly disappeared from Mt. Gox. http://www.theguardian.com/technology/2014/may/29/bitcoin-bots-bought-millions-in-the-last-days-of-mt-gox
Depositors are not unsecured creditors!
Also, do you really trust a trustee with the last name Kobayashi? Check out the wikipedia entry for "Kobayashi Maru". http://en.wikipedia.org/wiki/Kobayashi_Maru
Remember JEDI LP, Chewco Investments LP, Kenobe Inc and Obi-1 Holdings LLC. These were all Star Wars-themed financial vehicles implicated in manoeuvres to obscure the debts of Enron. Cute, eh?
And how about those two mysterious bots, Willy and Markus? They just happened to buy 650,000 BTC, exactly the same amount that have allegedly disappeared from Mt. Gox. http://www.theguardian.com/technology/2014/may/29/bitcoin-bots-bought-millions-in-the-last-days-of-mt-gox
Depositors are not unsecured creditors!
I am pleased to see the term DEPOSITOR catching. This is a critical distinction.
It's like everyone but the depositors know exactly how this is all going to end, so no great legal minds have even bothered to lift a finger to act on their behalf. It's like watching a bank robbery happen in slow motion, yet you can't do a thing to stop it.
Also, do you really trust a trustee with the last name Kobayashi? Check out the wikipedia entry for "Kobayashi Maru". http://en.wikipedia.org/wiki/Kobayashi_Maru
Remember JEDI LP, Chewco Investments LP, Kenobe Inc and Obi-1 Holdings LLC. These were all Star Wars-themed financial vehicles implicated in manoeuvres to obscure the debts of Enron. Cute, eh?
And how about those two mysterious bots, Willy and Markus? They just happened to buy 650,000 BTC, exactly the same amount that have allegedly disappeared from Mt. Gox. http://www.theguardian.com/technology/2014/may/29/bitcoin-bots-bought-millions-in-the-last-days-of-mt-gox
Depositors are not unsecured creditors!
Also, do you really trust a trustee with the last name Kobayashi? Check out the wikipedia entry for "Kobayashi Maru". http://en.wikipedia.org/wiki/Kobayashi_Maru
Remember JEDI LP, Chewco Investments LP, Kenobe Inc and Obi-1 Holdings LLC. These were all Star Wars-themed financial vehicles implicated in manoeuvres to obscure the debts of Enron. Cute, eh?
And how about those two mysterious bots, Willy and Markus? They just happened to buy 650,000 BTC, exactly the same amount that have allegedly disappeared from Mt. Gox. http://www.theguardian.com/technology/2014/may/29/bitcoin-bots-bought-millions-in-the-last-days-of-mt-gox
Depositors are not unsecured creditors!
Mark Karpeles had at least two companies in Japan - Mt. Gox and Tibanne KK. Tibanne is (probably) the parent, with an equity stake in Mt. Gox. Tibanne apparently owned the physical facilities and may have employed the people running Mt. Gox.
Currently, Mt. Gox is in liquidation, and there's a bankruptcy trustee in charge there. Nobody seems to be suing Tibanne and Mt. Gox in Japan, trying to pierce the corporate veil, and filing fraud charges. There's a reasonable chance that some of the money was improperly transferred to Tibanne and/or Karpeles personally, which is a good reason to sue.
Sunlot was working with Karpeles before the bankruptcy; they're not going to do this.
Currently, Mt. Gox is in liquidation, and there's a bankruptcy trustee in charge there. Nobody seems to be suing Tibanne and Mt. Gox in Japan, trying to pierce the corporate veil, and filing fraud charges. There's a reasonable chance that some of the money was improperly transferred to Tibanne and/or Karpeles personally, which is a good reason to sue.
Sunlot was working with Karpeles before the bankruptcy; they're not going to do this.
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