[2014-06-18] IBT: Failed Bitcoin Exchange MtGox Approved for US Chapter 15

[bryant.coleman]

http://www.ibtimes.co.uk/failed-bitcoin-exchange-mtgox-approved-us-chapter-15-bankruptcy-protection-1453106

Collapsed bitcoin exchange MtGox has received court approval to begin Chapter 15 bankruptcy proceedings in the US, paving the way for the company to complete the sale of its business. Judge Stacey Jernigan of the US Bankruptcy Court in Dallas, Texas, approved MtGox's application to get Chapter 15 recognition, which would allow the company to pursue potential funds from its remaining assets. MtGox had sought bankruptcy protection in the US in March after its US customers filed a class action lawsuit against it. Later, the company and the class action plaintiffs reached a settlement to ease the exchange's liquidation process.

[howardb]

It's a mystery to me how US citizens can attempt to get control of a Japan based company through US courts?? Can someone explain that to me?
It's like US court currently ruling on Argentine national debt!! how the hell does that happen?

[Bit_Happy]

It's a mystery to me how US citizens can attempt to get control of a Japan based company through US courts?? Can someone explain that to me?
It's like US court currently ruling on Argentine national debt!! how the hell does that happen?

"...paving the way for the company to complete the sale of its business."
In this case, the US citizens are not getting control, this action is part of settling the class-action lawsuit against Gox.

[howardb]

It's a mystery to me how US citizens can attempt to get control of a Japan based company through US courts?? Can someone explain that to me?
It's like US court currently ruling on Argentine national debt!! how the hell does that happen?

"...paving the way for the company to complete the sale of its business."
In this case, the US citizens are not getting control, this action is part of settling the class-action lawsuit against Gox.

You are kind of missing my point, why does having some shareholders in USA give the USA (or any other country for that matter) ANY kind of juristiction over a foreign company? US courts have no enforcement power in Japan, seems totally messed up logically to me.

If an Icelandic court said it was going to order Google to break up it's search monopoly (say), how much attention would the USA pay to that? Seems to me to be just another abuse of world power by US.

[Bit_Happy]

It's a mystery to me how US citizens can attempt to get control of a Japan based company through US courts?? Can someone explain that to me?
It's like US court currently ruling on Argentine national debt!! how the hell does that happen?

"...paving the way for the company to complete the sale of its business."
In this case, the US citizens are not getting control, this action is part of settling the class-action lawsuit against Gox.

You are kind of missing my point, why does having some shareholders in USA give the USA (or any other country for that matter) ANY kind of juristiction over a foreign company? US courts have no enforcement power in Japan, seems totally messed up logically to me.

If an Icelandic court said it was going to order Google to break up it's search monopoly (say), how much attention would the USA pay to that? Seems to me to be just another abuse of world power by US.

Gox had a USA based "legal entity*" (not sure if you would call it a subsidiary/division/whatever), so it's not "power over the Japanese company/court", but more like a huge mess of red-tape and profits for lawyers.
*Edit: I think this is accurate, but I am not 100% certain.

[bitdude]

can anyone explain simply, what does that (2014-06-18: 米国連邦裁判所による承認決定 / Order Recognizing Foreign Main Proceeding and Granting Related Relief by U.S. Bankruptcy Court) mean for mtgox former clients?

[Xona]

I'm still suspicious about Mtgox after they suddenly recovered an old wallet with millions of dollars (when investigators were following the trail of money of that wallet).

[Bit_Happy]

I'm still suspicious about Mtgox after they suddenly recovered an old wallet with millions of dollars (when investigators were following the trail of money of that wallet).

Just an old wallet which got left behind and forgotten? 
I'm sure Mark was "thrilled" to find it...

[MyPotPlantDied]

Is there going to be any sort of formal questioning of Karpeles? I mean, it is so obvious that at the very least he has committed a massive fraud... to think he will just file bankruptcy and get away with it is truly sickening!