Question Details
Will the Japanese bankruptcy court ok the sale of Mt Gox for 1 Bitcoin?
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Background
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.
Mt. Gox collapsed in February after disclosing that 750,000 bitcoins belonging to customers had vanished, along with an additional 100,000 bitcoins owned by the virtual-currency exchange. Since then, about 200,000 bitcoins have been recovered and are part of the exchange's assets.
The investor group hopes to revive the exchange and set aside 50% of its transaction fees to pay back burned customers and other creditors over time, according to documents filed to the Japanese bankruptcy court and reviewed by The Wall Street Journal.
http://online.wsj.com/news/articles/SB10001424052702303873604579493901002691642
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