Why the hell did they buy Gox.com if the platform was about to get shut down?

hellscabane

legendary

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And hell, if you're gonna go down in flames, why not add to the damage right?

Their liabilities outweighed what they had by a ton as it stood already. They were either banking on some sort of miracle or frankly decided to push their bounds of incompetence.

repentance

hero member

Activity: 868

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Quote from: M-S-K on February 28, 2014, 11:43:31 PM

Amazing company. Much profit.

The irony is that they were only looking at $2 million profit this year if the shit hadn't hit the fan and that projection was based on BTC prices being higher than they actually were.

M-S-K

newbie

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Amazing company. Much profit.

eoJ

full member

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Well, Mark Karpeles is the CEO of Tibanne, which is the company buying Gox.com. So basically a way to avoid responsibility while continuing to run Mtgox.

Zimbabwecoin

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When some people are under an inordinate amount of stress they eat, others go shopping. When Mark Kerpailes is stressed apparently he eats AND goes extreme shopping.

anonuser777

full member

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Their plan is outlined in that leaked document. My theory is that MtGox will now have a fire sale of assets, so the new "Gox" company gets to buy the domain (and other MtGox assets like the platform, etc) for cheap. Just another way to screw over the creditors of MtGox while gox insiders make off like bandits.

M-S-K

newbie

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Was really happy to hear Mark paid a nice $100k using customers' funds for this piece of shit domain. The Goxing never stops with this guy. What a nice guy!

BittBurger

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The paper that leaked was calling for a "re-branding".

That is part of the process. They hope to leave MtGox behind and create a new system on Gox.com.

Makes no sense? Exactly.

-B-

Armis

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Activity: 588

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Quote from: the_poet on February 28, 2014, 05:46:36 PM

What I don't understand is, why spending probably 6 figures just to forward Gox.com to the main domain if they were going to apply for bankruptcy? Does this purchase imply something we of course can't be aware of or is it just another fail on Mark and his henchmen's part?

ok, I missed that chapter of the Mt Gox saga, please explain -- what happened ?

odolvlobo

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Quote from: the_poet on February 28, 2014, 05:46:36 PM

What I don't understand is, why spending probably 6 figures just to forward Gox.com to the main domain if they were going to apply for bankruptcy?

I think that was the plan before they suddenly realized that all their bitcoins were missing. I don't think they considered bankruptcy until a couple days ago when they figured out that the bitcoins were actually gone and not just missing.

repentance

hero member

Activity: 868

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There current plan is civil rehabilitation, which is based around the company continuing to operate. There are a thousand reasons why civil rehabilitation is unlikely to be anything other than the scenic route to total liquidation, but moving forward with plans to "rebrand" MtGox makes sense in that context.

BrewCrewFan

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Quote from: the_poet on February 28, 2014, 05:46:36 PM

What I don't understand is, why spending probably 6 figures just to forward Gox.com to the main domain if they were going to apply for bankruptcy? Does this purchase imply something we of course can't be aware of or is it just another fail on Mark and his henchmen's part?

They could buy the company but leave out all past liabilities.

the_poet

legendary

Activity: 1137

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Bitcoin accepted here

What I don't understand is, why spending probably 6 figures just to forward Gox.com to the main domain if they were going to apply for bankruptcy? Does this purchase imply something we of course can't be aware of or is it just another fail on Mark and his henchmen's part?

Topic: Why the hell did they buy Gox.com if the platform was about to get shut down? (Read 1347 times)