Our lawyer is soliciting expert opinions from a scholar and judge to present to the examiner who is assessing if CR can be approved. The experts will hopefully give an opinion on how the two challenges mentioned in the last blog can be approached, in a way that legally allows for CR. The aim is to enable the examiner to recommend CR to the court.
Our legal team are meeting with the examiner or the 1st of Feb, to discuss those expert opinions so far, and make sure the work is on the right lines. The deadline for the examiner to report to the court is at the end of Feb so there is time to review and adapt the work.
If CR is accepted, the nature of how it is done will likely hinge on how these experts recommend navigating the Bankruptcy and CR statutes. There’s been much discussion on how the assets of Mt Gox should be shared out, but in all likelihood we as creditors will not get to pick what we want. Instead the law will dictate what is possible and we will be asked to choose if we agree to it or want to stick to bankruptcy.
If CR is approved, creditor voting is not likely to happen in time for the next creditors meeting in March according to our lawyer. My understanding is that creditors will vote on the CR plan not on the approval of CR. That plan will flow from the legal restrictions suggested by the expert opinions which allow CR to be approved. It seems likely the trustee will be responsible for putting the plan together. It may be that if the court decides that the plan is unarguably in the interests of creditors, we may not need to vote on it. There’s ambiguity around this. I think that’s because it will also depend on how the expert opinions propose to navigate the statutes. Either way it will become clearer as things progress.