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Topic: Open Letter to Mark Karpeles: Voluntary Reorganization Best Option for Us All (Read 7361 times)

newbie
Activity: 1
Merit: 0
i only ask get back my bitcoins. I lost above 1000 btw, 2000 USD.
newbie
Activity: 9
Merit: 0
http://www.reddit.com/r/Bitcoin/comments/1yyrvf/open_letter_to_mark_karpeles_voluntary/

Note: Please Join IRC ##mtgox-statement to join our discussion

Dear Mr. Mark Karpeles,

...

Daniel J. Kelman, Esq.


Hi Daniel, some similar activity on https://bitcointalk.org/index.php?topic=492748.60 , maybe you can cooperate. Just sending.
donator
Activity: 1218
Merit: 1079
Gerald Davis
The problem is if there are a lot of money lost, there is a chance everyone will get a very small percent.
 The original OP plan has a better chance to recover all the money for everyone. Of course it will take time, perhaps years.
 But if the lawsuits go through it will take years ANYWAY but everyone will get pennies.

The problem with the OP is that it ignores factual reality.  MtGox is in bankruptcy (protection), it can't leave that status until the courts agree.   Naming a couple hundred thousand (mostly unaccredited) shareholders to a private company isn't legal in Japan (or most places) and the courts are going to sign off an an illegal re-organization.
full member
Activity: 194
Merit: 100
The problem is if there are a lot of money lost, there is a chance everyone will get a very small percent.
 The original OP plan has a better chance to recover all the money for everyone. Of course it will take time, perhaps years.
 But if the lawsuits go through it will take years ANYWAY but everyone will get pennies.
exactly!
legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
This is one possibility among many but I do like the general premise of it fight on fight on to bring about positive change.
member
Activity: 93
Merit: 10
The problem is if there are a lot of money lost, there is a chance everyone will get a very small percent.
 The original OP plan has a better chance to recover all the money for everyone. Of course it will take time, perhaps years.
 But if the lawsuits go through it will take years ANYWAY but everyone will get pennies.
sr. member
Activity: 339
Merit: 250
ok so there is no-one in this chat room: #mtgox-statement  Huh

I am actually doing something real about this:

This is my latest letter from my Lawyer:

-------------------------------------------------------------
Dear Mr. X,

OK. We’ll send the bill to you tomorrow or Monday morning.

MG applied not bankruptcy, but restructuring or rehabilitation.

You can’t file a lawsuit anymore, but you can claim your right as the creditor and participate the procedure through a lawyer ( the lawyer of MG said there’s still some assets in the bank ).

Regards,
Z
-------------------------------------------------------------

Sound's interesting. I will definitely do this. If you want to join us, please PM ME ASAP.
sr. member
Activity: 263
Merit: 250
This is the simple and straight-forward plan how to ressurect Mt.Gox:
https://bitcointalksearch.org/topic/resurrection-of-mtgox-492748
legendary
Activity: 1260
Merit: 1002
sorry for your loss.


i think this is the second time i pressed the ignore ... Smiley


Now back to our point.

I find it good in conditionds..... what are the news so far?

yeah well, first come denial and isolation as explained in the article. *whatever. Have a nice time bargaining.
newbie
Activity: 1
Merit: 0

Note: Please Join IRC ##mtgox-statement to join our discussion


is this IRC Channel on EFNET or what? I am sitting in an empty channel.

legendary
Activity: 1124
Merit: 1000
13eJ4feC39JzbdY2K9W3ytQzWhunsxL83X
sorry for your loss.


i think this is the second time i pressed the ignore ... Smiley


Now back to our point.

I find it good in conditionds..... what are the news so far?
legendary
Activity: 1260
Merit: 1002
donator
Activity: 1218
Merit: 1079
Gerald Davis
Existing bearer bonds and shares are not illegal but it is no longer legal to issue new bearer shares and bonds in virtually all countries.  Maybe somolia allows it but even many offshore locations revised their statutes in the last couple decades.    There are a lot of outstanding US treasury bearer bonds.  They no longer pay interest but they are normally used as a "reallllly" big cash note so they probably will never be redeemed.

BTW: Nevada prohibited the issuance of bearer shares in 2007.
http://law.justia.com/codes/nevada/2010/title7/chapter78/nrs78-235.html

Quote
edit: is it possible to create a blockchain based registry of ownership and not have them be bearer shares?

Sure if the blockchain can verify the identity of all shareholders, collect and store required information, ensure shareholders are accredited before issuing shares, enforce restrictions on transfers for private placements as required by securities laws, and file all necessary documents with regulators in a timely manner.

DeathAndTaxes:

What if a settlement was done where gox account users take a haircut, for the haircut they get a corporation in the Marshall Island which owns MtGox or a large percentage of it.

That corporation could do bearer shares.

I have no idea for numbers of value, but surely that would be more valuable then trying to extract cash via bankruptcy + overhead of lawyers.

Anything is possible.  Someone genuinely interested should be getting counsel from a lawyer with experience in international securities.
newbie
Activity: 46
Merit: 0
Existing bearer bonds and shares are not illegal but it is no longer legal to issue new bearer shares and bonds in virtually all countries.  Maybe somolia allows it but even many offshore locations revised their statutes in the last couple decades.    There are a lot of outstanding US treasury bearer bonds.  They no longer pay interest but they are normally used as a "reallllly" big cash note so they probably will never be redeemed.

BTW: Nevada prohibited the issuance of bearer shares in 2007.
http://law.justia.com/codes/nevada/2010/title7/chapter78/nrs78-235.html

Quote
edit: is it possible to create a blockchain based registry of ownership and not have them be bearer shares?

Sure if the blockchain can verify the identity of all shareholders, collect and store required information, ensure shareholders are accredited before issuing shares, enforce restrictions on transfers for private placements as required by securities laws, and file all necessary documents with regulators in a timely manner.

DeathAndTaxes:

What if a settlement was done where gox account users take a haircut, for the haircut they get a corporation in the Marshall Island which owns MtGox or a large percentage of it.

That corporation could do bearer shares.

I have no idea for numbers of value, but surely that would be more valuable then trying to extract cash via bankruptcy + overhead of lawyers.
newbie
Activity: 9
Merit: 0
newbie
Activity: 2
Merit: 0
It's difficult for such a big number of gox users to agree on the way to proceed after the fiasco, but Daniel's proposal sounds ok to me.

I'm in.
full member
Activity: 203
Merit: 100
I disagree to let Mark keep the exchange. And convert debt to shares in this incompetent business CEO Mark is a dumb idea.

Let Mt.Gox go bankrupt. This will allow for more responsible businesses to take the market.
jr. member
Activity: 56
Merit: 6
That is the purpose of bankruptcy.  If MtGox can pay creditors 20% of what they owe then they are all paid 20% not some 100% and some 0%.  The big unknown is how the Japanese courts will treat bitcoin. 

Yes, but IF they lost most of the money, than there is a chance all the users will get 5 dollars compensation. Which of course will be pointless. BUt with the OP plan, there is a chance the users will get much more.

A properly functioning exchange can win a lot of money from fees.

Agreed, forget the limitations of the existing financial system. This is bitcoin. Those coins went somewhere. It's not like they can't be traced and discovered. It might be an extremely difficult audit but bitcoin itself makes it POSSIBLE.

If the coins can be identified there are all kinds of solutions that could be instituted on a social and technical level. I am pretty sure a HUGE part of the bitcoin investment community losing a HUGE investment doesn't benefit ANYONE. So i don't see how the community at large can't simply agree that we don't accept the loss. We have the ability to return the investment in one way or another.
member
Activity: 93
Merit: 10
That is the purpose of bankruptcy.  If MtGox can pay creditors 20% of what they owe then they are all paid 20% not some 100% and some 0%.  The big unknown is how the Japanese courts will treat bitcoin. 

Yes, but IF they lost most of the money, than there is a chance all the users will get 5 dollars compensation. Which of course will be pointless. BUt with the OP plan, there is a chance the users will get much more.

A properly functioning exchange can win a lot of money from fees.
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