MtGox withdrawal delays [Gathering]

[samson]

Paul Wasensteiner, a Mt. Gox creditor, told CCN that creditors were not made aware that their claims were limited to a maximum value of $480 and that the bankruptcy would settle the proceedings based on the price of bitcoin three years ago. Creditors have expressed their concerns over the process of the Mt. Gox bankruptcy, and the possibility that Karpeles, who is directly responsible for the loss of $7 billion in funds, might take away $859 million from the $1.3 billion that has been recovered.

https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/


Gee, you would think the $859million could be returned to the people who are owed it, not Karpeles.

There's nothing new in this recently reported story, the https://mtgoxlegal.com group has formed, raised funds and grew to around 500 people in size since the last creditors meeting.

There are ways to prevent an unfair distribution and we're working towards that right now.

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[bitcoinvest]

This is one of the BEST i ever heard from Mark.     https://blog.magicaltux.net/article/MtGox-Bankruptcy

This is a plan so that MtGox recover and we get our FIAT / BTC back!  Well done Mark, i have to admit this is good.

[samson]

This is one of the BEST i ever heard from Mark.     https://blog.magicaltux.net/article/MtGox-Bankruptcy

This is a plan so that MtGox recover and we get our FIAT / BTC back!  Well done Mark, i have to admit this is good.

Yeah, right like that's going to happen.

[bitcoinvest]

if in any case you missed https://www.reddit.com/r/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=mtgoxinsolvency

Kraken CEO wrote some interesting thoughts and Mark also replied and Andy also from Mtgoxlegal.com

What are your thoughts?

[Hen0xyd]

if in any case you missed https://www.reddit.com/r/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=mtgoxinsolvency

Kraken CEO wrote some interesting thoughts and Mark also replied and Andy also from Mtgoxlegal.com

Thanks for sharing bitcoinvest !

It's been quite a long time I didn't pay attention to the slow paced resolution of the mtgox mess.
The movie will get some more scenes and twists...

Glad to see Jesse Powell's position and reflexions.

It's really interesting to learn about this "buy the 200K bitcoin for 2500$/coin" offer - proposed to the shareholders.
I'm trying not to be too upset or ironic, but can someone correct me in my summary ?

- Japanese law and the bitcoin's status at resolution time made the trustee set a Yen designated value for each claim.
- the rate as been set around 400$/btc and isn't reevaluted
- there is a certain amount of yen which is considered to be suffisant to repay fully the creditors
- any additionnal gains (btc price increase and bch/btg forks) occured since the claims are considered to be the shareholders' property

What are your thoughts?

I could understand kobayashi's move to get as much money he can so he can fullfill its mission to distribute a better percentage - "let's sell the BTC and then easier to give the real money back".
But why this offer would profit and would be proposed to shareholders ? why not to claimants ? why not an auction to the highest bidder ?
I assume the vast majority of the dollars/euros/yen/btc were coming from the creditors who deposited, so how is that possible to "sell" this property to some other parties ?

I'm asking a lot of questions, but to me here is the main one :
- if the surplus isn't distributed to the victims, where will it flows, who will get it ?

Mark Karpeles, who was in charge, responsible, declared the bankrupcy ? That would be a terrible jurisprudence.
The Japanese state ?

PS : I'm a creditor, with a validated claim, asked for "btc repay" when prompted by the trustee.

[bitcoinvest]

Have a look on that.... we all remember those chain reactions after MtGox collapse... now someone is connecting the dots....
interesting article. or not? we will see

https://www.rt.com/business/415044-mt-gox-collapse-bitcoin/

[Breeze]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

[Tzupy]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on).
The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days.
https://www.reddit.com/r/mtgoxinsolvency/

[macsga]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on).
The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days.
https://www.reddit.com/r/mtgoxinsolvency/

Word on the rumour mill had it that Karpeles asked to get back the business since at the price of 4.5K each (or somewhere near that) Gox was solvent again. Plus, he keeps all the fork coins (!) and releases the rest to the users. I don't know if that was possible in the first place since he was convicted in Japan, but if it's like that then he's a rich SOB already...

[Tzupy]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on).
The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days.
https://www.reddit.com/r/mtgoxinsolvency/

Word on the rumour mill had it that Karpeles asked to get back the business since at the price of 4.5K each (or somewhere near that) Gox was solvent again. Plus, he keeps all the fork coins (!) and releases the rest to the users. I don't know if that was possible in the first place since he was convicted in Japan, but if it's like that then he's a rich SOB already...

It's not 4.5k$, but ~2.5k$. Above this price level all approved claims (which are in JPY) can be paid 100%, in case bankruptcy goes on.
On reddit mtgoxinsolvency Karpeles wrote that he has no claim in MtGox, but I don't know if this is true. His position on the civil rehabilitation:
https://blog.magicaltux.net/article/A-good-MtGox-civil-rehabilitation-plan

[Tzupy]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

[Tzupy]

PS. Thanks to Micky25 for meriting it.

[Micky25]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

Thank you for this link. He seems to do a good job. About time to return the coins now 

I heard rumours about this $30k chair. Someone got it for cheap 

[macsga]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/)
Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  

[Tzupy]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/)
Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  

IMO pretty poor performance by the Trustee. He sold BTC at an average of ~10 k$, while median price between December and February is about 13 k$.
He also shouldn't have sold so much, because the approved fiat claims were only ~42 million $. He sold enough to cover all approved claims, fiat and BTC ones.
That's because the MtGox estate is still operating under bankruptcy rules, and all approved claims are in JPY.
About the forks, so far he has only secured the BCH, but no other forks, and missed all airdrops.

[macsga]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/)
Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  

IMO pretty poor performance by the Trustee. He sold BTC at an average of ~10 k$, while median price between December and February is about 13 k$.
He also shouldn't have sold so much, because the approved fiat claims were only ~42 million $. He sold enough to cover all approved claims, fiat and BTC ones.
That's because the MtGox estate is still operating under bankruptcy rules, and all approved claims are in JPY.
About the forks, so far he has only secured the BCH, but no other forks, and missed all airdrops.

It's not right to attribute malice to his deeds, but as far as it concerns me, I'd prefer my coins' private keys (since they can now cover everyone's coins). The previous decision of fiat reparations should be altered. I didn't have many coins held in there, but this is a bad joke for people with lot of coins trapped. So, I agree. Pretty poor performance so far.

[Ivor Biggun]

The Trustee has sold 35,841 BTC and 34,008 BCH, claims he did it to "secure a certain amount of money for distribution".
http://www.mtgox.com/img/pdf/20180307_report.pdf

Not bad securing the funds for the "as promised" reparations; regardless, I wonder what happened to the other dozen of forks... (BTG, BTX, BTD... here's a list: https://bitcoinforks.io/)
Granted, some of them are scams, and / or low volume, or even peanuts now... but I would want my share if they don't mind, just in case BTC goes to 100K.  

IMO pretty poor performance by the Trustee. He sold BTC at an average of ~10 k$, while median price between December and February is about 13 k$.

The cryptsy trustee also dumped the coins for a shit price. He's set a precedent for all future trustees to just dump them all and halve the market value.

[macsga]

Hold ma beer...

[vapourminer]

Hold ma beer...

https://i.imgur.com/EyfZ22e.png

had to laugh at that. not funny really but oh man..

mtgox: the disaster that will not  die, it just keeps handing out pain.

PS had a gox account back in the day but had nothing in it when it went down.

[nanobtc]

Are the paybacks to be made only in JPY now? At the time I made my claim, I specified BTC. I made the Kracken account, etc.