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Will the Japanese bankruptcy court ok the sale of Mt Gox for 1 Bitcoin?

Will the Japanese bankruptcy court ok the sale of Mt Gox for 1 Bitcoin?

Asked by: Super Userkruijs in Business » Deals
Settled on 11/12/2016 14:32 Settled by Super UserJosef Biesenberger

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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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   Super Usermayank

Mt. Gox Co., once the world’s largest bitcoin exchange, won approval of its U.S. bankruptcy filing, giving a boost to a Japanese investigation into the disappearance of 650,000 units of the digital currency.

U.S. Bankruptcy Judge Stacey G. Jernigan said today in Dallas she has “ample legal authority” to accept the U.S. filing and recognize Mt. Gox’s Japanese bankruptcy as the foreign main proceeding. The ruling empowers the company’s Japanese trustee to examine witnesses, gather and review evidence, and oversee assets in the U.S., such as servers.

http://www.bloomberg.com/news/2014-06-17/mt-gox-u-s-bankruptcy-approved-to-help-bitcoin-hunt.html

   Super Userkruijs

U.S. and Canadian customers of failed Tokyo-based bitcoin exchange Mt. Gox have agreed to settle their proposed class action lawsuits that alleged the company defrauded them of hundreds of millions of dollars.

The class action plaintiffs agreed to support a plan by Sunlot Holdings to buy the shuttered exchange and accept their share of bitcoins still held by Mt. Gox, according to a statement and court filings.

Mt. Gox filed for bankruptcy in Japan and the United States earlier this year after saying it lost some 850,000 bitcoins - worth more than $400 million - in a hacking attack. It subsequently said it found 200,000 bitcoins.

http://www.reuters.com/article/2014/04/29/us-bitcoin-mtgox-settlement-idUSBREA3S02W20140429

   Super Userkruijs

Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, people familiar with the situation said.

These people cited as reasons the complexity of the procedure—including the difficulty of holding meetings with creditors spread around the world—as well as the lack of realistic rehabilitation plans for the Tokyo-based exchange.

For creditors in bankruptcy cases, a switch to liquidation usually means they will recoup less of their investment. But one person close to Mt. Gox said there was still hope a buyer for the exchange could be found, an outcome that could mean creditors receive part of any future earnings.

http://online.wsj.com/news/article_email/SB10001424052702303663604579504691512965308-lMyQjAxMTA0MDEwNTExNDUyWj

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