Mt Gox to liquidate coins

[DrApricot]

It makes about as much sense as the U.S. bailing out its too big to fail banks. That would never happen, right?

Seriously though, don't you ever get the feeling this municipal bk court hasn't even got a clue how to handle this case? They're not going to start their investigation until 2015! I want to know the real story right now.

They need to fess up on the true status of everyone's money and bitcoins. Blaming it on anonymous hackers having exploited some non-existent bug in bitcoin doesn't wash. That's like a "dog ate my homework" excuse.

The Mt. Gox principals, and their representatives, are merely trying to hide behind the formalities of this bankruptcy proceeding in order to evade having to deal with any real issues. What exactly are they hiding?

If Japan wants to make itself more attractive as an investment destination, they need to reassure investors that their money will be safe, and that they will be dealt with by the authorities neither capriciously or arbitrarily. It's in Japan's interest to help rectify this situation for the 127,000 international depositors.

How could anyone seriously contemplate a buyout offer, especially when it is for a paltry single bitcoin, without full and honest disclosure of the situation?

[leopard2]

That is merely a generic statement. There is no specification as to what "cash" means. USD? JPY? EUR?

The company owes BTC and it would make no sense whatsoever to liquidate coins into a currency (which one by the way, huh?) and refund creditors who have a BTC balance in their accounts with miniscule amounts of currency.

Gox has some fiat debt and fiat balance and if I have to take a guess I would expect that fiat final balances and BTC final balances will be dealt with separately.

Just think of it like this: an institution storing and trading gold for their clients goes broke. Would you be afraid of all gold be sold into fiat? No. The remaining gold would be distributed.

[leopard2]

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

Asset: MK's rubber balls, hammock etc.
funds for distribution: 200K BTC wallet