[2017-01-27] Mt. Gox Creditors Shouldn’t Expect Restitution in 2017 Either

[Gembul]

News Bitcoin - Mt. Gox Creditors Shouldn’t Expect Restitution in 2017 Either

Mt. Gox creditors should not expect payouts in 2017, according to a party close to the pending litigation against the defunct Japanese exchange. Peter Vessenes, who founded Mt. Gox-claimant Coinlab in 2011, claimed as much in a since-deleted Reddit post in which he said he has received death threats for his part in the drama.

There are dozens of former Mt. Gox customers with claims against the now defunct Bitcoin exchange. Mr. Vessenes, whose Coinlab seeks $75 million from Mt. Gox, says those who have issued the death threats believe his suit is delaying the legal process. He shares a different view.

READ MORE >>> https://news.bitcoin.com/mt-gox-creditors-2017/

[1714982491]

1714982491

[DooMAD]

News Bitcoin - Mt. Gox Creditors Shouldn’t Expect Restitution in 2017 Either

Mt. Gox creditors should not expect payouts in 2017, according to a party close to the pending litigation against the defunct Japanese exchange. Peter Vessenes, who founded Mt. Gox-claimant Coinlab in 2011, claimed as much in a since-deleted Reddit post in which he said he has received death threats for his part in the drama.

There are dozens of former Mt. Gox customers with claims against the now defunct Bitcoin exchange. Mr. Vessenes, whose Coinlab seeks $75 million from Mt. Gox, says those who have issued the death threats believe his suit is delaying the legal process. He shares a different view.

READ MORE >>> https://news.bitcoin.com/mt-gox-creditors-2017/

The "in 2017 either" part is kinda redundant, I'm sorry to say.

Mt. Gox Creditors Shouldn’t Expect Restitution.  Period.

Even if, by some miracle, the Japanese courts did manage to extract some money from the fetid, putrescent corpse of Gox, it remains to be seen how much, if any, would find its way back to the creditors and not be absorbed in legal fees (or Coinlab if they're successful).  Even "hope" sounds like a stretch at this point.  But "expect"?  Expect to be disappointed, maybe. 

[panju1]

The article states that the Mt Gox bankruptcy estate holds $10.48 million USD + 202,185 BTC. With Bitcoin's appreciation in recent days, that is quite a bit of money. No wonder that the creditors are fighting expensive legal battles.

[kjlimo]

The article states that the Mt Gox bankruptcy estate holds $10.48 million USD + 202,185 BTC. With Bitcoin's appreciation in recent days, that is quite a bit of money. No wonder that the creditors are fighting expensive legal battles.

What's a couple hundred million among friends?

Well if there are a couple hundred thousand creditors, that's $1k each? 

Let's hope they use account balances to spread it rather than my simple maths

[OgNasty]

Would be nice to get this resolved at some point...

[just_Alice]

The article states that the Mt Gox bankruptcy estate holds $10.48 million USD + 202,185 BTC. With Bitcoin's appreciation in recent days, that is quite a bit of money. No wonder that the creditors are fighting expensive legal battles.

What's a couple hundred million among friends?

Well if there are a couple hundred thousand creditors, that's $1k each? 

Let's hope they use account balances to spread it rather than my simple maths

Of course they rather use account balances to calculate how much a person should be refunded. But since they are not doing this already I doubt they ever will. And I agree with the other poster that a big part of that money will be absorbed in legal fees, high rank lawyers charge a lot.

[TraderTimm]

Vessenes is known for having absconded with 5 million from Gox, just do a few searches and you'll see the relevant threads popping up elsewhere.

I question this man's motives and personal ethics. Gox is also a symbol for how much people haven't learned from the past. Witness Bitfinex since they were "hacked".

People still flock to that platform and trust them with their funds. Two possibilities present themselves, either people are more trusting than you'd expect,

or they are more likely to be complete fucking morons.

I leave it to you to decide which.