Unconfirmed tweet that MtGox lawyer making statement now. - page 2.

studio1one

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BintexFutures

Quote from: repentance on February 28, 2014, 06:33:10 AM

Quote from: studio1one on February 28, 2014, 06:21:30 AM

Quote from: DutchBrat on February 28, 2014, 06:19:10 AM

*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened

If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back.

We'll see the veracity of claims in the near future.

That's not the worst case scenario at all. We don't know if the filing even includes BTC. We do know that fees involved in sorting out business bankruptcies tend to chew through enormous amounts of remaining assets and that unsecured creditors typically receive little or no return.

Without access to the information contained in the filings, all we know for sure is that legal actions in Japan will now be stayed (and legal actions initiated outside Japan will likely be rendered futile).

You are right, it was a massive simplification on my part.

I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second.

repentance

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Quote from: studio1one on February 28, 2014, 06:21:30 AM

Quote from: DutchBrat on February 28, 2014, 06:19:10 AM

*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened

If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back.

We'll see the veracity of claims in the near future.

That's not the worst case scenario at all. We don't know if the filing even includes BTC. We do know that fees involved in sorting out business bankruptcies tend to chew through enormous amounts of remaining assets and that unsecured creditors typically receive little or no return.

Without access to the information contained in the filings, all we know for sure is that legal actions in Japan will now be stayed (and legal actions initiated outside Japan will likely be rendered futile).

studio1one

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Quote from: jl2012 on February 28, 2014, 06:30:29 AM

Quote from: studio1one on February 28, 2014, 06:27:52 AM

Quote from: ilpirata79 on February 28, 2014, 06:24:08 AM

Quote from: jl2012 on February 28, 2014, 06:23:07 AM

Quote from: repentance on February 28, 2014, 05:57:24 AM

Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset.

I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC?

I guess they haven't even considered lost bitcoins.

Best regards,
ilpirata79

for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price.

This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection.

But I think an action like this is illegal and the court will calculate with the "real" fair price when they are closed, which is about 500

Quite possibly, hard to guess really without seeing the filing documents. I am sure they will come out.

ilpirata79

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Quote from: studio1one on February 28, 2014, 06:27:52 AM

for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price.

This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection.

What do you mean? So you think that in the 64 millions of debt also lost bitcoins are counted? i would hope so, but...

Best regards,
ilpirata79

jl2012

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Quote from: studio1one on February 28, 2014, 06:27:52 AM

Quote from: ilpirata79 on February 28, 2014, 06:24:08 AM

Quote from: jl2012 on February 28, 2014, 06:23:07 AM

Quote from: repentance on February 28, 2014, 05:57:24 AM

Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset.

I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC?

I guess they haven't even considered lost bitcoins.

Best regards,
ilpirata79

for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price.

This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection.

But I think an action like this is illegal and the court will calculate with the "real" fair price when they are closed, which is about 500

DutchBrat

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*MT. GOX CEO MARK KARPELES APOLOGIZES AFTER FIRM'S BANKRUPTCY

studio1one

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Quote from: ilpirata79 on February 28, 2014, 06:24:08 AM

Quote from: jl2012 on February 28, 2014, 06:23:07 AM

Quote from: repentance on February 28, 2014, 05:57:24 AM

Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset.

I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC?

I guess they haven't even considered lost bitcoins.

Best regards,
ilpirata79

for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price.

This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection.

DutchBrat

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Activity: 868

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*CALL CENTER WILL BE SET UP FOR MT. GOX CUSTOMERS

ilpirata79

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Quote from: jl2012 on February 28, 2014, 06:23:07 AM

Quote from: repentance on February 28, 2014, 05:57:24 AM

Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset.

I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC?

I guess they haven't even considered lost bitcoins.

Best regards,
ilpirata79

RaTTuS

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Bite me

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

jl2012

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Quote from: repentance on February 28, 2014, 05:57:24 AM

Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset.

I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC?

billington.mark

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Where is the official press release? are we basing all these posts on some tweets and the WSJ link?

studio1one

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Quote from: DutchBrat on February 28, 2014, 06:19:10 AM

*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened

If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back.

We'll see the veracity of claims in the near future.

DutchBrat

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*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened

Bitcoinpro

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Quote from: eldentyrell on February 28, 2014, 06:16:17 AM

Quote from: repentance on February 28, 2014, 05:57:24 AM

The cold wallets would still technically count as an asset.

Very true, but if they really have lost the keys then that asset is certainly not worth 100 cents on the dollar. Or yen. Or whatever.

no keys have been lost that is ridiculous where did you get this information ?

Bitcoinpro

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Quote from: broolstoryco on February 28, 2014, 06:05:40 AM

Do we have any more information regarding the statement? What about the exact nature of the liabilities? anything?

this is a big scam going on here no information is being made public at all

eldentyrell

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felonious vagrancy, personified

Quote from: repentance on February 28, 2014, 05:57:24 AM

The cold wallets would still technically count as an asset.

Very true, but if they really have lost the keys then that asset is certainly not worth 100 cents on the dollar. Or yen. Or whatever.

studio1one

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BintexFutures

Quote from: ilpirata79 on February 28, 2014, 06:06:35 AM

Who got bitcoins on the exchange? Is it going to get something?

Best regards,
ilpirata79

Well, it is more likely than if they had filed for bankruptcy but no one actually knows.

DutchBrat

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*DJ Mt. Gox Lawyer: 750,000 Bitcoin Held by Clients, 100,000 Held by Mt. Gox Mostly Missing
*DJ Mt. Gox Lawyer: Missing Bitcoin May Have Been Withdrawn Through System

Zarathustra

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Quote from: User705 on February 28, 2014, 05:46:54 AM

Quote from: DutchBrat on February 28, 2014, 05:38:47 AM

*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court

So around $ 60 mln outstanding debt

Only $60mln? The BS out of gox continues.

Seems plausible:

http://goxbalance.com/

Topic: Unconfirmed tweet that MtGox lawyer making statement now. - page 2. (Read 4458 times)