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Making a Plan 28/3/18

A lot has happened since the last update and I’m glad to finally have time to update the blog.

Firstly the Examiner recommended the court approve CR. This is great news. However there are apparently some difficulties that he highlighted, which he left to the court to solve. The concern for us is that unless we encourage the court with solutions, they may still not approve CR.

To that end we are proposing a CR Plan Outline, which illustrates how the difficulties raised by the Examiner can be solved. Other parties are able to doing this too. We’re working with one other, and we’re open to sharing our insights too.

At the creditors meeting the Trustee announced that he’d sold $400m worth of BTC at ~$10k. This has effectively hedged our position (almost fully: there’s a ~5% shortfall) and means that we are guaranteed the value of our 2014 price payout regardless of what the BTC price does.

Some have suggested that this will also make the transition to CR easier. It’s not clear yet if it will be helpful, unhelpful or have no impact.

On behalf of this co-operative of creditors, I was able to have a one-to-one meeting with the Trustee after the creditors meeting in Japan. My impression was that he understood the authority this group has in terms of its size and internal voting system, and was receptive to hearing our suggestions and concerns.

Currently we are working on obtaining the full wording of Ito’s recommendation so we can contribute our suggestions on solving the issues more precisely while contributing our requests to the court and to the Trustee.