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Well in addition to Mt. Gox being in bankruptcy proceedings right now, Mark Karpelès is also going through a personal bankruptcy process as is his holding compa

Well in addition to Mt. Gox being in bankruptcy proceedings right now, Mark Karpelès is also going through a personal bankruptcy process as is his holding company , Tibanne, which holds an 88% share of Mt. Gox. I've got to imagine that he wants the Mt Gox situation handled ASAP so he can get any funds from it to solve his own bankruptcy issues. I'd imagine that this provides a pressure point for the Mt Gox stakeholders where they might be willing to play ball and let the bankruptcy proceedings work at a much faster pace in return for a much larger portion of the remaining Mt Gox assets. Having said that, according to the WSJ... > "The customary period in which creditors may dispute the trustee’s decisions on claims has ended." ...so perhaps Mark Karples may decide to play hard ball and hope that the creditors just want the coins sold and money disbursed before bitcoin has another chance to collapse? Lots of fun game theory to think about here.

otoburb 9y ago
One of the sticking points holding up the bankruptcy process is the outstanding CoinLabs lawsuit[1]. There's not much room for Karpeles to maneuver due to the cascading bankruptcy proceedings against both MtGox and Tibanne. A small number of MtGox ex-customers cottoned on quickly to the possibility that any excess surplus might accrue to the shareholders and filed claims directly against Tibanne. The rest of the claimants have been left to organize amongst themselves. One such effort recently organized is MtGoxLegal[2]. The current sentiment is to try to convince the Japense court trustee that the principle of unjust enrichment[3] should apply, but nobody knows if this will hold under Japanese bankruptcy law in this situation. Fun times abound. [1] https://themerkle.com/mtgox-phoenix-rises/ https://themerkle.com/mtgox-phoenix-rises/ [2] https://www.mtgoxlegal.com/ https://www.mtgoxlegal.com/ [3] https://en.wikipedia.org/wiki/Unjust_enrichment https://en.wikipedia.org/wiki/Unjust_enrichment

otoburb 9y ago

One of the sticking points holding up the bankruptcy process is the outstanding CoinLabs lawsuit[1]. There's not much room for Karpeles to maneuver due to the cascading bankruptcy proceedings against both MtGox and Tibanne. A small number of MtGox ex-customers cottoned on quickly to the possibility that any excess surplus might accrue to the shareholders and filed claims directly against Tibanne. The rest of the claimants have been left to organize amongst themselves. One such effort recently organized is MtGoxLegal[2]. The current sentiment is to try to convince the Japense court trustee that the principle of unjust enrichment[3] should apply, but nobody knows if this will hold under Japanese bankruptcy law in this situation. Fun times abound. [1] https://themerkle.com/mtgox-phoenix-rises/ https://themerkle.com/mtgox-phoenix-rises/ [2] https://www.mtgoxlegal.com/ https://www.mtgoxlegal.com/ [3] https://en.wikipedia.org/wiki/Unjust_enrichment https://en.wikipedia.org/wiki/Unjust_enrichment