Bitcoinica liquidator wants to hear from users

[MelMan2002]

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.

Interesting numbers - I know that I alone had a long position of 18000 BTC...makes me cry to think about it since basically all my money was tied up in Bitcoinica

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[nrd525]

If you had a long position of 18,000 BTC it is probably worth getting your own lawyer.  Or have you already checked in to this?  The liquidator plan is to ignore open positions.

[MelMan2002]

If you had a long position of 18,000 BTC it is probably worth getting your own lawyer.  Or have you already checked in to this?  The liquidator plan is to ignore open positions.

Getting a lawyer sounds too expensive for me right now unfortunately.  I'm aware of the liquidator plan and I've tried to convince them otherwise to no avail.  I guess I'm still kind of doubtful that I'll ever see anything from the whole thing anyway.

[nrd525]

I've never got a lawyer for anything.  You could try getting investors/supporters or even selling your claim.

[mumung]

Hi There,

The last email that I received from Anne Swanepoel  (from PKF Corporate Recovery & Insolvency) was on June 10th 2015.
Since then I must have dropped off their email list for unknown reasons. Could someone please send me a contact to reach out to to get back on that list?
I filed my claim end of 2012 and got partially reimbursed back then... but obviously hoping to receive more that once was mine.

Thanks.

[nrd525]

bitcoinica@pkfcr.co.nz

And they just sent out another report by email, though it looks like the attachment is missing.

[mumung]

bitcoinica@pkfcr.co.nz

And they just sent out another report by email, though it looks like the attachment is missing.

Thanks.

[2GOOD]

Any updates on the MTGOX rehabilitation claim case?!

[andypagonthemove]

Hi, I'm concerned that the Bitcoinica liquidator, PKF, isn't doing what creditors need. I'm speaking with an NZ insolvency lawyer about it next week, and have emailed the Insolvency Practitioners trade body in New Zealand.

I'm Andy Pag, I'm a creditor in the Mt Gox bankruptcy. Last year we set up a co-operative of Mt Gox creditors and over 1000 joined. Together we were able exert our preferences and bring this closer to conclusion. I want to set up a similar cooperative for Bitcoinica creditors. Partly to help you guys out, partly because if your liquidator doesn't do his job it hurts us all. (see below for details)

I'm speaking with a New Zealand insolvency lawyer next week, and will ask him about setting up a creditors committee. I also want to know how we can force the trustee to assess the claims submitted so far. Without that, claimants have no legal standing.

There's a creditor vote coming up in the Mt Gox case. The Bitcoinica trustee is the largest stakeholder in that vote. If PKF don't vote, it puts all our claims (Mt Gox and Bitcoinica) in jeopardy. I'm worried they will abstain out of fear. I've tried to share our Japanese lawyer's opinion with them and encouraged them to seek independent legal counsel in Japan, but as far as I can tell they haven't. The head of PKF has also refused funding to pay to assess claims. He's uncommunicative and at times outright rude, and I can't see any reason for him to behave this way. It's really against Bitcoinica's creditor's interest to be like this.

I'm setting up a google group to share information. I'm not asking anyone for money. The more people join, the more weight it will carry, so if you have a claim, please join it. Go to https://groups.google.com/d/forum/bitcoinicacreditors or email me andypagonthemove@gmail.com and I'll add you.

You don't need a gmail email address, but you can set one up if you want to remain anonymous on the group.

Andy

[nrd525]

Another report is out.

So does Wendon having a General Security Agreement mean that they get any extra funds that are distributed to Bitcoinica (after everyone else had been paid off, possibly at below market rates for their owed btc)? I'm totally guessing. Or what does it mean?

[yepreally]

Any update on this?  I've been out of touch for a while.  I see there was a new report in December that I couldn't access through sharepoint.  Anything else I should know?  It has been a long ride...

[nrd525]

We're waiting for the MtGox liquiditation which could happen in 2021 if we're lucky, but I wouldn't count on it.  Then it moves to the NZ courts who get to decide whether to return owed BTC as BTC, or as the $10 they were worth when the bankruptcy occured (possibly making the former CEO of Bitcoinica extremely rich and/or people who are owed purely USD like myself).

There are people offering money for BTC claims for Bitcoinica, but they are offering a fraction of what I think the claims are worth (possibly 10%-30% of the price of bitcoin).

Hmm, that said, it is kind of interesting that nobody has started a claims trading market for MtGox and Bitcoinica...

[tickets]

What is the contact information for the bitcoinica liquidator? 

I've never heard from them, but did recently get an email from Fortress asking about my bitcoinica positions.. which means someone knows about my account.

Anyway, just looking for the best way to catch up on bitcoinica and mintpal, if anyone knows about that recovery as well.

thanks

[nrd525]

Liliya Zlobina, Insolvency Administrator

PKF Corporate Recovery & Insolvency

Chartered Accountants and business advisers

 

 

www.pkfcr.co.nz
            

Level 15 • Swanson House • 12 – 26 Swanson St • Auckland 1010
PO Box 3678 • Auckland 1140 • New Zealand

Phone: +64 9 306 7426 • liliya.zlobina@pkfcr.co.nz

[yepreally]

I assume this is a good sign for those of us who lost BTC with the bitcoinica hack: https://cointelegraph.com/news/mt-gox-rehabilitation-plan-is-now-final-and-binding