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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855673 times)
Tzupy
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May 18, 2018, 02:25:16 PM
 #6961

An update from MtGox Legal creditors:
https://www.mtgoxlegal.com/2018/05/18/update-18-mar-18/

We originally calculated that the sale of the 16k coins that moved should be enough to cover all assets. While it’s regrettable that the court/trustee considers they need cash to cover all the assets before moving forward, we concluded there’s nothing we can do about it. We looked at ways to challenge it legally but there was nothing we could practically do.

The further movement of 8k coins caused some alarm as some people thought it implied that the Trustee was on track to liquidate everything. Our lawyer’s view is that that is not the case, but that we should recalculate to allow for delay payment interest. The bankruptcy statute allows for 5 or 6% pa. So the trustee will need at least 20% more cash than we had originally considered. Again it’s disappointing that so many coins need to be sold, and we can only hope the trustee is getting a good price for them.

He has said that he is selling them in a way that will not affect the market. This suggests he’s selling them to a holder, such as an EFT type institution. We will find out in the course of time.

Our lawyer has met with the trustee and has had conversations with his team. He’s asked me not to divulge the details he shared with me, but the information he gave me left me confident that CR will be approved. The Trustee has to arrange Gox’s finances in such a way that meet the conditions set out by Ito, and the court can then approve CR. There seems to be willing from all parties involved, but it will take some more time, and probably the sale of more bitcoins.

As well as stockpiling the requisite amount of cash, the Trustee also has to establish a Trust vehicle to hold the assets that flow into CR. Once this has done, the conditions for approving CR should be met, and the court can then give the green light. The suggestion is that all creditors vote on being paid through the bankruptcy, (better for fiat claims) or allowing your claim to roll over into the Trust, which will then receive the assets left over after fiat claims have been settled, and distribute them under a CR plan (through an exchange or directly with the help of a third party bespoke crypto payment platform and bank transfers).

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May 22, 2018, 01:28:57 AM
 #6962

Good news, that at least things are happening, thanks for the update, Tzupy. As far as "third party bespoke crypto payment platform" does this refer to Kracken? At one time they were going to be the official distributor of Gox BTC.

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