What is the intention of Mtgox? With an court order, give the account info to the liquidator has nothing legal risk. At this point, the liquidator seems considering to take legal action against Mtgox. With my money freezed in the Bitcoinica/Mtgox, I have missed lots of opportunity. What's the problem here? Mtgox owe the community a clear explanation why holding the money of ours for so long.
To All Investors
We have received a number of emails from investors recently requesting a progress update on the liquidation.
We have received further information from the limited partners which we are currently assessing and we continue to correspond with MT Gox with a view to having the account information released to us. At this point, MT Gox continues to withhold the information and account access. We are hopeful that we will not need to issue legal proceedings as this will simply result in further depletion of investor funds.
We understand from press releases that MT Gox has entered into an agreement with CoinLab for bitcoin trading in North America. We have not taken legal advice on this issue, however we do not believe that this arrangement affects the liquidation process.
We have not yet determined the method for the distribution to creditors/investors, as we do not yet know the composition of the frozen accounts (ie the number of bitcoins held and balance of USD funds). However, it is likely that any distribution will be made in USD. Once we have the account information, we will notify investors of the process for which the Liquidators intend on distributing funds. If there are insufficient funds to make payment in full to each investor, then distribution will be made on a pro-rata basis (ie funds are distributed in proportion to each investors claim).
We will keep investors abreast with further updates as and when they occur.
Kind Regards
Taslim Bhamji
Senior Insolvency Administrator
