[2014-04-11] WSJ: Investor Group Seeks Court OK to Buy, Revive Bankrupt Bitcoin

[bryant.coleman]

Investor Group Seeks Court OK to Buy, Revive Bankrupt Bitcoin Exchange Mt. Gox

http://online.wsj.com/news/articles/SB10001424052702303873604579493901002691642

A group of investors with Hollywood ties is seeking to revive bankrupt bitcoin-trading exchange Mt. Gox, according to people familiar with the matter.

The investor group, which includes Brock Pierce, a former child actor-turned technology entrepreneur, is offering a token payment of one bitcoin, or about $400, to buy the exchange outright, according to these people. The acquisition must be approved by a Japanese bankruptcy court.

Buyers Would Offer Creditors a 20% Payout or Equity in Revived Exchange

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[Sithara007]

30% would have been a good deal. 20% is too low.

[bryant.coleman]

30% would have been a good deal. 20% is too low.

Why should it be 30%? The users must be given back all their coins. Just because Karpeles stole it all you can't say that the users can't get their coins back. Anyway, I hope that soon he will emerge with the remaining 450K.

[seriouscoin]

30% would have been a good deal. 20% is too low.

Why should it be 30%? The users must be given back all their coins. Just because Karpeles stole it all you can't say that the users can't get their coins back. Anyway, I hope that soon he will emerge with the remaining 450K.

+1

Agreed, what kind of BS is this?

The lost coins are only few hundreds.... return customers their coins back then you can sell your shit anyway you want.

[btbrae]

Can't wait. Get 20% of the value of your Bitcoins back at the last traded Mtgox price of 1 potato.

[Sithara007]

The lost coins are only few hundreds.... return customers their coins back then you can sell your shit anyway you want.

Why can't they sell the Mt Gox shares? Any revenue from the the share sale can be used to refund their users.

[kjlimo]

Paywall; is there a source of this information that can be shared?

Is the Japanese govt dictating these terms?

[bryant.coleman]

Why can't they sell the Mt Gox shares? Any revenue from the the share sale can be used to refund their users.

I don't know. Gox has lost its reputation. Even if they sell all the shares (100% of them), they might only get less than 10,000 BTC (less than 2% of the Bitcoins which their users own).

[seriouscoin]

The lost coins are only few hundreds.... return customers their coins back then you can sell your shit anyway you want.

Why can't they sell the Mt Gox shares? Any revenue from the the share sale can be used to refund their users.

lol yah $400?

 

[LiteCoinGuy]

i dont understand why they want to buy this crappy trademark for even one satoshi 

[Rygon]

I don't even think MtGox is worth the 20% payout to creditors. I don't think they own any real estate or physical assets other than a few servers. The coding for the exchange is crap compared to other established exchanges. The banking relationships are suck, and MtGox didn't have anyway to send out USD deposits. And the reputation of the exchange couldn't get any worse unless it was revealed they also ran a dog fighting league. The only possible asset of MtGox is the contact information of all previous customers. That might be worth a few hundred thousand, or maybe even a million, but I can't imagine many investors wanting to pay more than that.

[bryant.coleman]

i dont understand why they want to buy this crappy trademark for even one satoshi 

They still have some valuable assets, such as the user interface and software. I don't know how much they will be worth, but I hope they will be able to gather somewhere around 5K - 10K bitcoins from their sale.