The Mt Gox court case will conclude sometime and either the Bitcoins get returned or the court orders them to be sold so cash can be returned instead. I doubt it will be over by the end of July but if the court orders a crazy dump it will crash the price. I think they have some rule in Japan that you have to sell an asset and return cash.
The deadline for victims to submit their claims was ~May 25, 2015. The bankruptcy trustee Nobuaki Kobayashi now has until September 2015 to validate those claims and define the payouts.
It is very unlikely that Kobayashi will try to sell the remaining bitcoins on exchanges. Either he will return them as BTC through Kraken, or he will auction them.
I suppose that he would like to return them as BTC, to save him the headache of organizing the auction. (Or perhaps not, since he will charge extra for that work.) However, he would have to convince the bankruptcy judge to authorize that; and the precedents, if not the laws, all seem to require the conversion to JPY.
I can see also some logistic obstacles to returning things in BTC. Suppose that the spoils of MtGOX are 1 billion JPY and 200 k BTC, worth 1 + 5 = 6 G JPY in all; but the validated claims by victims add to 4 G JPY and 320 k BTC, worth 4 + 8 = 12 G JPY total. So each victim should receive 50% of his claim, and Kobayashi would have to give out 2 G JPY and 160 k BTC. He cannot force victims to take BTC in place of JPY, so he would have to auction 40 k BTC anyway to make those payouts.
If the mismatch goes the other way, things will be easier because he can (legally) force the victims to accept JPY instead of some of the BTC that they claimed. But the idiots who insist on getting refunded in BTC are going to make a big fuss anyway.
There may be also complaints by victims if the BTC price changes between the time that Kobayashi computs the payouts and the time that the victims received their BTC on Kraken. Note that a change in the BTC price affects all payouts, even those of victims who want to be paid in JPY only.
I suspect that he will regret having admitted the possibility of a refund in BTC...
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