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Author Topic: Does the 200K BTC discovery by MtGox affect it's bankruptcy protection?  (Read 2497 times)
lorix (OP)
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March 22, 2014, 06:22:29 AM
 #1
Hopefully someone with knowledge of legal precedents can respond to this question:

With the "convenient" discovery of 200,000 BTC in a "previously forgotten" wallet by MtGox, does this affect the status of their current bankruptcy protection ruling in Japan, USA and anywhere else they might have one?

Could there have been a perverse incentive to secure a bankruptcy protection ruling based on the claimed total loss of funds and then suddenly "discover" a portion of the missing funds later?
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clownius
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March 22, 2014, 08:34:49 AM
 #2
It means they now have more demonstrated assets that are available for payment to creditors.  Its a good thing for the creditors.

At least a partial recovery is quite likely.
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March 22, 2014, 07:44:57 PM
 #3
The only problem is, depositors are not the same as creditors, so this money won't go to replenish people's wallets but to pay MtGox lawyers and loans.
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March 22, 2014, 07:59:35 PM
 #4
Quote from: de_xt on March 22, 2014, 07:44:57 PM
The only problem is, depositors are not the same as creditors, so this money won't go to replenish people's wallets but to pay MtGox lawyers and loans.


But it's not money or even property in the traditional sense, it's BTC (electronic), and it does not belong to MtGox. We know who it belongs to.

Maybe this will make a difference, or maybe not.
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clownius
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March 22, 2014, 09:45:41 PM
 #5
Quote from: de_xt on March 22, 2014, 07:44:57 PM
The only problem is, depositors are not the same as creditors, so this money won't go to replenish people's wallets but to pay MtGox lawyers and loans.


Depositors are in fact creditors.  Just not the ONLY ones.
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March 23, 2014, 12:09:02 AM
 #6
Quote from: clownius on March 22, 2014, 09:45:41 PM
Quote from: de_xt on March 22, 2014, 07:44:57 PM
The only problem is, depositors are not the same as creditors, so this money won't go to replenish people's wallets but to pay MtGox lawyers and loans.


Depositors are in fact creditors.  Just not the ONLY ones.
I wish that were true. But seems it's not. According to this Fortune article, the only way depositors could partially recover their assets is through a lawsuit.

http://finance.fortune.cnn.com/2014/03/06/mt-gox-bitcoin-bankruptcy/
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March 23, 2014, 11:51:23 AM
 #7
Has anyone put this question to the call centre?

I find it hard to believe a court would not recognise holders of Gox accounts as some kind of creditor but obviously this needs to be clarified.
                                                                               
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March 23, 2014, 12:01:51 PM
 #8
Quote from: de_xt on March 23, 2014, 12:09:02 AM
Quote from: clownius on March 22, 2014, 09:45:41 PM
Quote from: de_xt on March 22, 2014, 07:44:57 PM
The only problem is, depositors are not the same as creditors, so this money won't go to replenish people's wallets but to pay MtGox lawyers and loans.


Depositors are in fact creditors.  Just not the ONLY ones.
I wish that were true. But seems it's not. According to this Fortune article, the only way depositors could partially recover their assets is through a lawsuit.

http://finance.fortune.cnn.com/2014/03/06/mt-gox-bitcoin-bankruptcy/



wtf,  what if mtgox find 80% of the coins are you saying will still dont see our money? i just dont believe this
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