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Author Topic: Important. Gox, have not filed for bankruptcy  (Read 4387 times)
studio1one
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February 28, 2014, 10:04:38 AM
 #1

Gox have filed for protection from bankruptcy, not bankruptcy itself.

This is done when a company believes given time they can restructure and become solvent again.

Read the difference.

http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/


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February 28, 2014, 10:12:23 AM
 #2

ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

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studio1one
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February 28, 2014, 10:14:30 AM
 #3

ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

The fact is no one, including you, knows the situation. The only fact is that Gox have claimed they believe they can restructure and become solvent again.

This may or may not be true, any statements of fact whether it is true or not here are not fact but supposition.


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February 28, 2014, 10:23:07 AM
 #4

ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

The fact is no one, including you, knows the situation. The only fact is that Gox have claimed they believe they can restructure and become solvent again.

This may or may not be true, any statements of fact whether it is true or not here are not fact but supposition.

I have searched official Mtgox addresses so I do have proof

I have watched for years the collusion between this forum and Gox

its a scammers paradise, have you ever heard of TF these guys

the forum mods backed him up like a pharaoh

even an Australian newpaper reported a story on TF without even reading

his posts first





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studio1one
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February 28, 2014, 10:25:30 AM
 #5

ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

The fact is no one, including you, knows the situation. The only fact is that Gox have claimed they believe they can restructure and become solvent again.

This may or may not be true, any statements of fact whether it is true or not here are not fact but supposition.

I have searched official Mtgox addresses so I do have proof

I have watched for years the collusion between this forum and Gox

its a scammers paradise, have you ever heard of TF these guys

the forum mods backed him up like a pharaoh

even an Australian newpaper reported a story on TF without even reading

his posts first






You have proof they have some coin. That's it.

You don't have proof of their asset v liabilities balance sheet and what and how their current financial situation is.

A wise man would wait and see what happens and what information comes out, not jump to conclusions that he knows everything already.


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repentance
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February 28, 2014, 10:26:17 AM
 #6

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
studio1one
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February 28, 2014, 10:31:48 AM
 #7

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU


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repentance
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February 28, 2014, 10:37:49 AM
 #8

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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February 28, 2014, 10:40:09 AM
 #9

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.
My gut feeling is one of disappointment that MtGox will potentially gain more time to trade and leave people hanging with the glimmer of hope that they will ever see a cent or satoshi back. I feel like it would be much better for us all if there was a clean break.
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February 28, 2014, 10:41:12 AM
 #10

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

Agree, just trying to point out that there is a lot of misinformation flying around about what has happened. Just trying to give a little balance.


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libitum
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February 28, 2014, 10:43:45 AM
 #11

On a side note, Gox filing for bankruptcy protection has not sent btc prices down. I take it as a good signal. Mt.Gox disaster (for which hopefully many people will end up in jail) was not the nuclear bomb to bitcoin that many people were expecting.

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February 28, 2014, 10:53:17 AM
 #12

ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

The fact is no one, including you, knows the situation. The only fact is that Gox have claimed they believe they can restructure and become solvent again.

This may or may not be true, any statements of fact whether it is true or not here are not fact but supposition.

I have searched official Mtgox addresses so I do have proof

I have watched for years the collusion between this forum and Gox

its a scammers paradise, have you ever heard of TF these guys

the forum mods backed him up like a pharaoh

even an Australian newpaper reported a story on TF without even reading

his posts first






You have proof they have some coin. That's it.

You don't have proof of their asset v liabilities balance sheet and what and how their current financial situation is.

A wise man would wait and see what happens and what information comes out, not jump to conclusions that he knows everything already.

just like when i jumped to a conclusion a year ago that the whole company was a complete turd and this forum defended their fugitive buddy Mark

aka Magical Tux Toof and Nail Cheesy

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repentance
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February 28, 2014, 10:55:33 AM
 #13

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

Agree, just trying to point out that there is a lot of misinformation flying around about what has happened. Just trying to give a little balance.

There's a thread on reddit in which someone claims that the translation of the news conference reveals that they've filed for civil rehabilitation.  Unfortunately, that same translation says they lost 85 million BTC (4 times all the BTC which will ever exist) so I don't regard it as reliable.

This pastebin of an IRC chat with Mark earlier today also suggests that he still believes there may be a "way out".

pastebin.com/YGr2WTvD

The ~ $63 million seems to be liquid liabilities (and so presumably doesn't include BTC).

http://www.cnbc.com/id/101455170

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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February 28, 2014, 11:23:03 AM
 #14

I don't believe he will really try to continue with the business, he is delusional.
studio1one
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February 28, 2014, 11:43:42 AM
 #15

The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

Agree, just trying to point out that there is a lot of misinformation flying around about what has happened. Just trying to give a little balance.

There's a thread on reddit in which someone claims that the translation of the news conference reveals that they've filed for civil rehabilitation.  Unfortunately, that same translation says they lost 85 million BTC (4 times all the BTC which will ever exist) so I don't regard it as reliable.

This pastebin of an IRC chat with Mark earlier today also suggests that he still believes there may be a "way out".

pastebin.com/YGr2WTvD

The ~ $63 million seems to be liquid liabilities (and so presumably doesn't include BTC).

http://www.cnbc.com/id/101455170

Yup.

So much for my optimism. Think I need to reassess my worst case scenario Sad


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bterproblems
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February 28, 2014, 11:50:10 AM
 #16

http://www.coindesk.com/mt-gox-files-bankruptcy-claims-63-6m-debt/ so which news are correct?
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February 28, 2014, 11:57:29 AM
 #17


As far as I can tell, the $63.6 million refers only to their liquid liabilities (basically the debts which are due in cash). 

www.reuters.com/article/2014/02/28/bitcoin-mtgox-bankruptcy-idUSL3N0LX36C20140228

If that's the case, then the news isn't contradictory.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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February 28, 2014, 12:19:51 PM
 #18

It would appear to me that Gox are just trying to avoid the US subpoena filed against them.

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February 28, 2014, 12:57:01 PM
 #19

I still think that Mark might be able to find people to revamp Gox as planned.
Obviously he still has possession of many many bitcoins. That is SO fu**ing god damn obvious.
The idea that the guy running the world's biggest Bitcoin exchange all of a sudden has NO BITCOINS LEFT!!!!!???

I bloddy well sent some to him just a few weeks ago!. And he had NO COLD STORAGE?Huh!! WTF?

THIS IS A LIE
He should be arrested for FRAUD, he was still selling Bitcoins AFTER he stopped withdrawals - i.e. AFTER he KNEW (supposedly) that he had no coins to sell - what is that if it isn't plain and simple FRAUD. Selling something you don't have?

Anyway I digress... He will wait until the BTC price resurges, sell all his stolen coins and then somehow try to get Gox back online.

At least I hope so. I'm suing him anyway though.
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February 28, 2014, 01:20:19 PM
 #20

I would have to agree. I had not invested anything with Gox, but was thinking about it before I leant about all the btc apparently stuck in the system.
It seems it has been going on for a long, long, time.

Although I have not researched this much, I also strongly suspect Mark knows where the 'missing' btc are

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