http://www.coindesk.com/investor-group-optimistic-fight-mt-gox-liquidation/
This was in the media again today with more details of the proposed takeover.
It seems clear that the only way creditors will receive more than the 200k BTC is if the company is generating revenue again or if the assets are sold. Their considerably large customer database of already AML verified users is worth something to another company if they have the banking licenses to use it effectively.
However the way this investor group proposes to restart Gox seems like a terrible deal for the creditors.
Seriously? The new investors are taking ownership stake and risking none of their own skin entirely at the expense of the creditors? That is quite absurd. Do people know what they are signing up for?
This might make sense if the new investors are putting in new money to the tune of $10's of millions. The currently proposed deal is only upside, which is hardly appropriate.
This was in the media again today with more details of the proposed takeover.
It seems clear that the only way creditors will receive more than the 200k BTC is if the company is generating revenue again or if the assets are sold. Their considerably large customer database of already AML verified users is worth something to another company if they have the banking licenses to use it effectively.
However the way this investor group proposes to restart Gox seems like a terrible deal for the creditors.
Quote
The document suggests that roughly $8m will be needed to fund the rehabilitation, drawing from cash held by Mt. Gox.
Seriously? The new investors are taking ownership stake and risking none of their own skin entirely at the expense of the creditors? That is quite absurd. Do people know what they are signing up for?
This might make sense if the new investors are putting in new money to the tune of $10's of millions. The currently proposed deal is only upside, which is hardly appropriate.
The other mysterious thing about this is that when they're talking to the community to drum up support for their plan, they talk like all the customer deposits are customer assets, not Gox assets.
https://www.youtube.com/watch?v=iqaCNScwpGw&feature=youtu.be
But then if you look at the leaked court filing, it calls for spending JPY 816 million of "cash owned by Mt Gox" building a new exchange:
http://www.scribd.com/doc/219613733/sunlot-holdings-proposed-rehabilitation-plan-ENGLISH
It sounds like they'll now submit a new plan, since the court's reply to their original one was "lol", but looking at their original intentions, it seems like either:
a) They were going to intentionally misappropriate customer assets to fund their new exchange.
b) They're lying to the community about how they see the status of their deposits.
