Topic: OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica (Read 26980 times)

How do we contact them?

They don't know who is owed money so you need to contact them.  They've asked for evidence of what you're owed so send them whatever you have which helps establish that.  Yes, a creditor is someone who is owed funds by Bitcoinica.  They may have creditors apart from Bitcoinica users.

So, is it time to send the same emails we have received from Bitcoinica and the emails about the claim process to above address? Or is it still too early for that?

What is meant by creditors? People who had money or Bitcoins on bitcoinica?

Always look on the bright side of life: maybe there's enough to cover most of the liquidator's fee.

part of nothing is still nothing. The likelihood of getting back either USD or BTC seems pretty remote....there really can't be much left after the owners liberated (Liberty Reserved?)  most of our money.

Would surprise me if I got back 1% of my USD.

Also, perhaps you could email Taslim back and advise him to ask the mods to be whitelisted.  He won't be able to post outside Newbies otherwise.

Also, can I suggest copying your post with the liquidator's reply into a new thread with an attention-grabbing title which makes clear that the liquidator is seeking contact from Bitcoinica users (maybe "Bitcoinica liquidator wants to hear from users" or something similar).  People have become jaded by these old threads going nowhere so they might not check them for updates.

Thanks Repentance. I really appreciate your continued support and insight in this affair! I also have not received any response yet from the Liquidator.

As to the creditor report & claim form. Is this typically sent to creditors by regular mail? Or might they send it by email as well?

I'm asking since I recently moved and am unable to update my records with Bitcoinica (for obvious reasons).

Thank you for contacting us.  I apologise for the delay in responding to your email.
 
We confirm that we have been appointed liquidators of the Bitcoinica Limited Partnership, which is registered in New Zealand. We are currently collecting information and our immediate priority is securing the investor funds (in both cash and Bitcoins) and determining investor balances. It is too early to know how long the liquidation process will take, but we would like to move as quickly as possible towards a distribution to investors/creditors.
 
With this in mind, we would be grateful if all investors and creditors could email us and provide their address and contact details, as well as details of any amounts owed to them and proof of the claim. Also the Liquidators’ first report is due to be sent to all creditors by 26 November 2012, but we are unable to do so if we do not have contact details for creditors or investors.
 
We would also appreciate feedback from investors on whether they would prefer to receive a distribution in the form of Bitcoins (where possible) or whether they would prefer a straightforward cash distribution. We are still seeking to determine what options are available to us at law, and will let investors know in due course.
 
Lastly, we are aware of legal proceedings underway in California against the Limited Partnership. The Liquidators have sought to have the Limited Partnership withdrawn from the proceedings on the basis that it is in liquidation. We urge creditors/investors to refrain from taking any legal action against Bitcoinica, as it will simply add to the plaintiffs costs with no benefit. Any legal claims against Bitcoinica would need to be made in the New Zealand Courts. Judgements against the Limited Partnership in any foreign jurisdiction will not be recognised by the liquidators.
 
Please contact me directly if you have any queries or wish to bring any matters to the liquidators’ attention.

Hi,
 
We are attempting to post our response to the bitcoinica forum, however we are having difficulty in submitting a post at this stage.  We are happy for you to forward this on to the forum until we are able to do so.
 
Thanks
 
Kind Regards
Taslim Bhamji
Senior Insolvency Administrator

maybe if you have usd dollars there you might eventually see something, but if you only had btc which most people did as it paid more interest I guarantee you won't get anything

Here's an example of what a first report looks like (prepared by a different liquidator than the company which is handling the Bitcoinica liquidation but the basic requirements are essentially the same).

http://www.mvp.co.nz/media/reports/Active+Heating+Products+and+Services+Limited+(In+Liquidation)/first%20report.pdf

The liquidators should definitely be responding to contact from creditors, even if it's only a formula response saying when the creditors report will be issued and the date by which claims must be lodged.

At least 3 of us have tried to contact the liquidators, no answer.

What should liquidators be doing at this point ?

I checked the qualifications of the two appointed liquidators.  One is a chartered accountant (over this way, liquidators are almost always chartered accountants) who also holds a law degree and the other worked for the Official Assignee's office for over 10 years.  They're well qualified.

As liquidations go, this one isn't especially complex.

While creditors can apply to the court to have a liquidator replaced, you need solid reasons for asking the court to replace the liquidator and nothing involving the High Court comes cheap.  One risk of trying to get a liquidator replaced is the Court appointing the Official Assignee as liquidator.

I don't know what qualification are required to be a liquidator but I wonder if the complexity of the case require we make an effort to find better.

by the way, for the liquidation, is there a need to resubmit the claims or do they still have access to the submitted claims ?

maybe if you have usd dollars there you might eventually see something, but if you only had btc which most people did as it paid more interest I guarantee you won't get anything