Resurrection of Mt.Gox

[thelema93]

WHY THE F**K DIDN'T ANYONE BRING A BASEBALL BAT?



OR EVEN BETTER, A GUILLOTINE...

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[grifferz]

The idea of a bitcoin exchange

• that is run by the same CEO that claims to have had BTC800k+ stolen, as well as the earlier theft of BTC500k that was never adequately explained
• whose shareholders are comprised of the people that were most recently ripped off, themselves having only been ripped off because they sent fiat in to try to buy bitcoins that were miraculously at 20% of market rate

is absolute comedy gold, please do continue. It will be different this time.

[Nagle]

According to this, considered similar to japanese procedures:

http://bankruptcy.about.com/od/Bankruptcy-Chapters/a/What-Is-Chapter-11-Bankruptcy.htm

Not quite. Civil reorganization in Japan doesn't work in detail like Chapter 11 in the US. Here's an overview of how it works in practice. In particular, the rights of creditors are different.

An important provision: "The debtor’ management operates the firm and works out a Rehabilitation plan or liquidation, unless an interested party can prove management is incompetent. In a case where the debtor’s management is incompetent, Civil Rehabilitation Law provides the appointment of trustee." Proving that management is incompetent would not be difficult in this case. That's worth doing; that kicks Karpeles out and puts a trustee in.

Also, unlike Chapter 11 in the US, lawsuits against the company are not automatically stayed under civil reorganization. You can still sue.

Incidentally, the average time companies spend in civil rehabilitation is about half a year. But the usual case in Japan is that there's one big creditor, a "main bank". That's not the case here.

[frito]

The simple and clear plan how to resurrect Mt Gox.
...
According to the ancient proverb: What doesn’t kill you makes you stronger.

I personally believe in a strong and bright future for gox.com.

talk to Karpeles or/and his lawyers about the proposal(customers->shareholders)

[overc]

The simple and clear plan how to resurrect Mt Gox.
...
According to the ancient proverb: What doesn’t kill you makes you stronger.

I personally believe in a strong and bright future for gox.com.

talk to Karpeles or/and his lawyers about the proposal(customers->shareholders)

Good.
I personally sent PM to him and submit contact form in the site tibanne.com
Anybody has more direct contact with  Karpeles or/and his lawyers ?

[Skoupi]

What i don't understand is what's mt.gox plan from now on.

Is he waiting for the all the lawsuits to hit his door or he is trying to somehow rebuild his company while he is covered with backruptcy protection.

[darkmule]

MtGox has already filed under the Civil Rehabilitation Law.

It allows the company to use its own management team in order to provide a plan for reorganization.

http://www.cryptocoinsnews.com/2014/03/01/mtgox-bankruptcy-protection/

I think from what we've seen of Gox and the limited discussion of Japanese bankruptcy law, that the current management would fairly easily be demonstrated to be incompetent and/or dishonest and could be removed.  It'd be up to someone with an interest in it to do something about that, though.

The only problem with that is that it seems likely that would result in the shutdown of Gox, as while the current management is incompetent and corrupt, there probably isn't anyone else capable of running their servers held together with baling twine and bubble gum.

[mo2t]

The simple and clear plan how to resurrect Mt Gox.

...

Hi overc,

this sound good.

Have you tried to calculate income of new gox? If we _very_ optimistically suppose, that the average volume will be the same (about 210 000 BTC / week last year), that means yearly volume may be about 11 mil BTC. Fees (0,6 % both sides = 1,2 %) are 132 000 BTC. Can anybody estimate expenses? But if they will fit 32 000 BTC / year, all depositors can be happy after 7 - 8 years.

[BitCoinNutJob]

better to get going than leave it shut even if it would take a while.

[mo2t]

Hi, similar activity is on https://bitcointalk.org/index.php?topic=489949.0, maybe you can cooperate / coordinate next steps?