It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them
trustees want their cut and the Japanese Gov't wants this all over with)
thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will
drop to 4k ...it is gonna suck!
The gox trustee isn't allowed to dump any more coins unless the court orders him to. The last dump was because the court decided he needed more money to pay interest on all the fiat owed.
The trustee says he's almost sure civil rehabilitation will be approved, which means all those owed Bitcoins get paid back in Bitcoins. Although there might be another sale of a relatively small number of coins the vast majority are likely to get returned to gox's customers.
It's highly unlikely they will get dumped on the market by the trustee.
https://www.mtgoxlegal.com/2018/05/18/update-18-mar-18/May 18, 2018 Andy Pag
We originally calculated that the sale of the 16k coins that moved should be enough to cover all assets. While it’s regrettable that the court/trustee considers they need cash to cover all the assets before moving forward, we concluded there’s nothing we can do about it. We looked at ways to challenge it legally but there was nothing we could practically do.
The further movement of 8k coins caused some alarm as some people thought it implied that the Trustee was on track to liquidate everything. Our lawyer’s view is that that is not the case, but that we should recalculate to allow for delay payment interest. The bankruptcy statute allows for 5 or 6% pa. So the trustee will need at least 20% more cash than we had originally considered. Again it’s disappointing that so many coins need to be sold, and we can only hope the trustee is getting a good price for them.
He has said that he is selling them in a way that will not affect the market. This suggests he’s selling them to a holder, such as an EFT type institution. We will find out in the course of time.
Our lawyer has met with the trustee and has had conversations with his team. He’s asked me not to divulge the details he shared with me, but the information he gave me left me confident that CR will be approved. The Trustee has to arrange Gox’s finances in such a way that meet the conditions set out by Ito, and the court can then approve CR. There seems to be willing from all parties involved, but it will take some more time, and probably the sale of more bitcoins.
As well as stockpiling the requisite amount of cash, the Trustee also has to establish a Trust vehicle to hold the assets that flow into CR. Once this has done, the conditions for approving CR should be met, and the court can then give the green light. The suggestion is that all creditors vote on being paid through the bankruptcy, (better for fiat claims) or allowing your claim to roll over into the Trust, which will then receive the assets left over after fiat claims have been settled, and distribute them under a CR plan (through an exchange or directly with the help of a third party bespoke crypto payment platform and bank transfers).
