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If MtGox only had enough funds to cover 15% of deposits, and they paid back each creditor 15% of their claim a year ago, the creditor could have bought Bitcoin
by ne0n 9y ago
If MtGox only had enough funds to cover 15% of deposits, and they paid back each creditor 15% of their claim a year ago, the creditor could have bought Bitcoin with what was refunded and be in the same situation now. Instead, they seem to be dragging it out. I think most creditors would rather have something last year than nothing right now. Additionally, there's no upside for creditors if Bitcoin becomes $5,000.
- otoburb 9y ago>>Additionally, there's no upside for creditors if Bitcoin becomes $5,000. It's funny you mention this, because from what I can understand of Japanese bankruptcy proceedings[1], any excess assets remaining after paying off creditors would probably be given to the MtGox shareholders, which primarily consists of Mark Karpeles[2] alone. I believe the term surfacing in other circles is "unjust enrichment"[3][4]. [1] I am not a lawyer. [2] https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s [3] http://blogs.lawyers.com/attorney/bankruptcy/recovering-through-unjust-enrichment-aka-restitution-21643/ http://blogs.lawyers.com/attorney/bankruptcy/recovering-thro... [4] http://scholarship.law.cornell.edu/facpub/1/ http://scholarship.law.cornell.edu/facpub/1/
- fjdlwlv 9y agoAfter paying back creditors what they are owed, or after paying back a discounted amount?
- ne0n 9y ago"what they are owed" == fixed rate of $440/BTC.
- h1d 9y agoHe showed up on Reddit saying he's finding ways to return the excess back to creditors in case price stays over 100% claims at the time of distribution. https://www.reddit.com/user/MagicalTux/ https://www.reddit.com/user/MagicalTux/