"The proposal will need approval from a majority of creditors. Given the distrust directed at Mt. Gox and Mark Karpeles even before the revelation of insolvency, it seems entirely possible that creditors will reject any restructuring bid in favor of liquidation."
Apparently there are other investors willing to run mtgox though? not sure if thats true or not.
Nobody has said they want to take over Mt. Gox, which would require taking over its debts and having enough money to pay them. Who's going to want to take on a half billion dollars in liability to get - what? The Mt. Gox "brand"? That has negative value. The domain name? Get real. If the domain ever gets reused, it's probably going to end up connected to some law firm representing creditors. (Check out where
madoff.com goes.) The customer base? They just want their money back and never use Mt. Gox again. When troubled banks get taken over, they have outstanding loans; even if they're houses that are currently worth less than the loan amount, there's some value out there to be recovered. Mt. Gox has nothing like that. This is going to liquidation, hopefully sooner rather than later.
The Fortune article has a useful comment:
"Finding of fraud or gross negligence in a civil case would almost certainly trigger a criminal investigation, most likely in Japan, that could end with the former CEO behind bars." I doubt that Karpeles can flee the country or disappear. Japan has tight border controls, it's an island chain, he's not Japanese, and his picture is all over the press.
