Mt.Gox update - 2014-05-21

[Massimo80]

https://www.mtgox.com/img/pdf/20140521_announce.pdf

Well, rather than an "update", it's a repetition of already well-known facts: "Mt.Gox is bankrupt, we are investigating on it, if you want your money back you'll need to file a claim, we'll provide the forms for filing such claims at a later time. Back to work, bye".

Can't really understand why they published such an useless update, other than simply showing they are still alive.

[1715146473]

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[roslinpl]

https://www.mtgox.com/img/pdf/20140521_announce.pdf

Well, rather than an "update", it's a repetition of already well-known facts: "Mt.Gox is bankrupt, we are investigating on it, if you want your money back you'll need to file a claim, we'll provide the forms for filing such claims at a later time. Back to work, bye".

Can't really understand why they published such an useless update, other than simply showing they are still alive.

well things like that let them makes more delays They are announcing something what is not a big news to gain a time to thing about how to survive

isn't? I am not a lawyer but I feel like it is working in that way.

[Massimo80]

well things like that let them makes more delays They are announcing something what is not a big news to gain a time to thing about how to survive

isn't? I am not a lawyer but I feel like it is working in that way.

That would make sense if it was an announcement from the company management.
But this is the bankruptcy supervisor, the original management (MK) has already been thrown away; their only purpose now is, or at least should be, refunding losses... not keeping the company afloat.

[Nagle]

The new information is the location of the creditors' meeting in July. The date had been announced previously, but not the location.

July 23, 2014, 1:30 pm.
Tokyo District Courtroom for Creditors’ Meeting No.1
(5F, joint government building for the domestic, summary and district courts)

That location is Tokyo District Court, 1-1-4 Kasumigaseki, Chiyoda, Tokyo, Japan, 5th floor.

This is in the center of official Tokyo, where most of the national agencies have their headquarters.

[freedombit]

https://www.mtgox.com/img/pdf/20140521_announce.pdf

Well, rather than an "update", it's a repetition of already well-known facts: "Mt.Gox is bankrupt, we are investigating on it, if you want your money back you'll need to file a claim, we'll provide the forms for filing such claims at a later time. Back to work, bye".

Can't really understand why they published such an useless update, other than simply showing they are still alive.

I think there is another key piece of communication in here that I don't recall seeing before:

(6)
(i) Persons owing debts to the bankrupt entity are not to repay such debts to the bankrupt entity.
(ii) Persons possessing assets of the bankrupt entity are not to deliver such assets to the bankrupt entity.

Both of these lines essentially say the same thing, but in different ways.




Keep in mind that Mark is likely under some gag order. This may be critical information needed to be communicated to someone "outside." It might even be a threat. MtGox lent the Bitcoin (and maybe fiat) to Tibane (or Mark himself) for a small time period with the intent of giving it back, but... Mark may have opted to "force" MtGox into bankruptcy to protect customers Bitcoin from government seizure by having MtGox "loan" the money to Tibane or Mark Karpeles the individual (and any other company or individual) right before the bankruptcy. According to the bankruptcy court, that person or entity cannot return the Bitcoin to MtGox now that it is under liquidation.

Quite frankly, I am not sure why this would even exist.

Under (i) I would be a person owing a debt to the bankrupt entity if I have borrowed $500k USD from my employer to buy a house, and then my employer goes bankrupt. I would still have to pay that loan back to administrator or whomever purchased the loan from the bankruptcy administrator.

Under (ii) I could be a person possessing assets of the bankrupt entity if I am driving a company car when that company goes bankrupt. I would be obligated to give the car back to the administrator handling the assets. This seems very strange to me, but again, I think a very key piece of information.

Did anyone see these key points in previous writings from MtGox?

[smoothie]

So basically nothing has changed. lol....what a joke.

[invisiblefriend]

I'm sure it doesn't matter but I didn't get an email from them .?   did everyone ? ---

and no response from sunlit .. or "savegox"  ?     


its been crazy from start n yes no real news

but why not give the idea a chance -- whats to lose ?



its crazy --

           ill say no more since I'm so angry I'm starting to sound un educated --

bless n peace 2 all

best of luck !

[DrApricot]

https://www.mtgox.com/img/pdf/20140521_announce.pdf
I think there is another key piece of communication in here that I don't recall seeing before:

(6)
(i) Persons owing debts to the bankrupt entity are not to repay such debts to the bankrupt entity.
(ii) Persons possessing assets of the bankrupt entity are not to deliver such assets to the bankrupt entity.

Both of these lines essentially say the same thing, but in different ways.

Keep in mind that Mark is likely under some gag order. This may be critical information needed to be communicated to someone "outside." It might even be a threat. MtGox lent the Bitcoin (and maybe fiat) to Tibane (or Mark himself) for a small time period with the intent of giving it back, but... Mark may have opted to "force" MtGox into bankruptcy to protect customers Bitcoin from government seizure by having MtGox "loan" the money to Tibane or Mark Karpeles the individual (and any other company or individual) right before the bankruptcy. According to the bankruptcy court, that person or entity cannot return the Bitcoin to MtGox now that it is under liquidation.

What you have underscored here is that the entire bankruptcy proceeding appears to be nothing but a farce--ranging from the unfortunate Star Trek-sounding name of the Bankruptcy trustee, Mr. Kobayashi (see the entry for "Kobayashi Maru" in Wikipedia), to the scamish ‘socialization’ of losses by deeming that Mt. Gox's depositors are really merely "creditors", to these possible hidden subtexts you point to in the trustee's announcement with messages for persons unknown. We may well be witnessing the first bitcoin "bail-in".

[roslinpl]

So basically nothing has changed. lol....what a joke.

That's the point.

Meaningless announces just to  delay ...

I must say I was laughing a lot when my friend asked me few days ago about how much does btc cost now.
I told hin how much and he told me "I need to buy some on Mt.Gox."

He was in a shock when I told him that mt.gox is no more a btc exchange due to their issues :-)


It's good to stay informed :p

[invisiblefriend]

its very good to stay informed --


I was on a unfortunate 6 month nightmare dealing with my fathers murder outside of the country ----


I came back to NY and it was 3 days after MTGOX ran ----     n ran with my 30K plus that I was waiting "in transfer mode forever ! "   


I at least had hope with SUNLOT ?     I guess that was also a joke or not being taken serious ?

id wait 5 years if I could get my money back -- but in reality -- not happening -- at least sunlit gave glimmer of hope   



even as the last poster mentioned -- still many people associate MTGOX with coins -- its still unfortunately true ?





any sunlot announcements ?