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Topic: When will MtGox make partial restitution? (Read 381 times)

legendary
Activity: 2772
Merit: 2846
March 03, 2017, 12:55:29 PM
#7
Anyone have anything new on repayment or how much his wife took to Canada?

The liquidators of a very early bankrupt exchange called Bitcoinica say it had a lot of Bitcoins stored on Gox. They appear to be making a claim from the Gox liquidators. If their claim is successful all the others creditors will get less than they expected.

Perhaps someone with legal skills could say if the Bitcoinica claim will delay the Gox liquidation further.


So the 9th liquidators report is interesting.  
Claims against Bitcoinica are: 91,300 BTC
$248,000 cash
$276,000 leveraged trading positions (hmm, I wonder if they are ignoring people with negative trading positions?  Maybe not a big deal as they were probably 1/10th of this amount)

But the MtGox trustee values the claims at $6.8 million (USD)!

The bitcoins were only worth around $10 when Bitcoinica went bankrupt, so this claim is equal to all the cash ($524k) and roughly 6.3 million left over for 91k bitcoins - or $690/bitcoin.

If the liquidation ever goes through, it looks like the NZ liquidators will get a sizable amount of money.

This $690/bitcoin is also a major increase from the previously announced value of $483.  So either they changed the Bitcoin valuation or Bitcoinica had a sizable number of bitcoins on the exchange that weren't subject to claims.  Maybe this is best explained by the leveraged trading positions!  As those trading positions should have been backed by purchases of bitcoins.  

If you take $6.8 million, subtract the $250k cash.  You have $6.55 million.  Divide by $483 - and you get 135,600 BTC.  So it is possible that the open positions were equal to 44,300 BTC long (and you have to remember that back then they were only worth $10 - so it wasn't as crazy as this would be now).  That makes more sense than the liquidators changing their valuation of BTC. If they changed their valuation all the time based on market conditions, they'd never be able to liquidate.






This giant three and a half year old thread discusses the latest developments, it's the best place to find out what's happening.

https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586

You can download and read the details of the latest creditors meeting from the mtgox site, which has been taken over by the receiver.

https://www.mtgox.com/
soy
legendary
Activity: 1428
Merit: 1013
Anyone have anything new on repayment or how much his wife took to Canada?
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
What I really want to know is what happened to all the fiat? There's been barely any mention of it whatsoever anywhere. Has it all gone? Where did it go? Are the 200,000 coins being partially used to return that as well?
soy
legendary
Activity: 1428
Merit: 1013
Thanks.

Wonder if any stolen Bitcoins will be legally traced and recovered. 
copper member
Activity: 2996
Merit: 2374
MtGox itself will not payout anything.

The trustee who is overseeing the liquidation of MtGox, I believe is currently in the process of validating claims of amounts owed by MtGox's creditors. I believe that the trustee has mostly completed the process of tracking down and inventorying the assets of MtGox.

The entire above process is being handled by bankruptcy lawyers (I believe mostly) in Japan, and their services are by no means cheap by any measure. Payment for their services will take priority over payment to other creditors. 

I am unsure as to any particular timeframe as to when you should expect to see any money, however there appears to be some movement as of the last few months, so you might be able to see some kind of recovery in the next few months to year or so.
legendary
Activity: 1246
Merit: 1000

Wondering when I'll get something.  They'll probably pay out something when they think Bitcoin is highest it will be in the near term - like sometime after payout halving.  Just a guess tho.

Don't expect a quick resolution.
Legal issues, especially liquidation, are not concluded quickly.
soy
legendary
Activity: 1428
Merit: 1013

Wondering when I'll get something.  They'll probably pay out something when they think Bitcoin is highest it will be in the near term - like sometime after payout halving.  Just a guess tho.
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