[2014-04-16] Fox News - MtGox asks court to be liquidated

[LordMo]

http://www.foxnews.com/world/2014/04/16/troubled-bitcoin-exchange-mt-gox-asks-to-be-liquidated/

[splawik21]

Oh BOY!!! What about FIAT currency? I can forget the btc which I had there but fiat had more and more there, how to take it back?

[Bit_Happy]

Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, people familiar with the situation said.

These people cited as reasons the complexity of the procedure—including the difficulty of holding meetings with creditors spread around the world—as well as the lack of realistic rehabilitation plans for the Tokyo-based exchange.

Mt. Gox, at one point the world's busiest bitcoin exchange, collapsed in February and said as it filed for bankruptcy protection in Tokyo on Feb. 28 that it had lost 850,000 bitcoin worth around half a billion dollars. Since then, about 200,000 bitcoin have been recovered and are part of the exchange's assets.

For creditors in bankruptcy cases, a switch to liquidation usually means they will recoup less of their investment. But one person close to Mt. Gox said there was still hope a buyer for the exchange could be found, an outcome that could mean creditors receive part of any future earnings.

If the request is approved by the court, a trustee will be appointed, who will take over management of the company's assets from its chief executive officer, Mark Karpelès....


There is no closure or peace until Mark is in jail and/or the rest of the missing coins are found.

[Massimo80]

According to the official press releases, it wasn't Mt.Gox asking for liquidation, but the Court rejecting the initial requests and instead ordering it.

Either the press got it completely wrong, or there's something else going on...

https://bitcointalk.org/index.php?topic=573655.0

[Stapleddiet]

At least it is out of Karpeles hands.

http://blog.mtgoxrecovery.com/

Gox's own site has a good read on it now written by the Admin. I like any news that stops Karpeles screwing things further is good news to me but who knows what the future holds..

[roslinpl]

http://www.foxnews.com/world/2014/04/16/troubled-bitcoin-exchange-mt-gox-asks-to-be-liquidated/

thanks for sharing.
Gush ... so everything will take longer than I expected.

What to do. I wish MtGox never existed.

[bryant.coleman]

For creditors in bankruptcy cases, a switch to liquidation usually means they will recoup less of their investment.

Sorry. This is not acceptable to me. Either give back the remaining coins (after deducting the recently found 200k) or send Mark Karpeles to jail. No liquidation without any of these.

[general lee]

I think BTC-E is leader now)
No verify

[bryant.coleman]

I think BTC-E is leader now)
No verify

That is difficult to confirm. All the three major exchanges (BTC-E, Bitstamp, and Bitfinex) are having approx. 20,000 BTC each as the daily trade volume for the past 10-15 days. There is only a very small difference between them.

[PatMan]

Fox news.........