12 August 2021.
Creditors in the MtGox bankruptcy case are eligible to vote for approval or rejection of the Civil Rehabilitation (CR) plan proposed by the court appointed Trustee. The MtGox Legal cooperative urges all members and all other creditors to approve the Trustee’s proposed CR plan as soon as possible, no later than October 8, 2021.
The MtGox Legal (MGL) cooperative was founded in 2017 with the singular mission of securing a fair distribution of recovered assets owed to MtGox customers. Now, nearly four years later, we are all on the cusp of realizing the final part of this mission. The CR plan, if approved, could potentially return 846K JPY (~$7600 USD) per Bitcoin to us all as former customers. However, if the CR plan fails to pass, MtGox will return to bankruptcy and creditors would only receive 50K JPY (~$450 USD) per Bitcoin, and any surplus value of remaining assets, currently valued at roughly $5.2 billion, would then unjustly be given to MtGox shareholders.
The proposed Civil Rehabilitation plan is complicated, but acceptable at this juncture. Japanese law has evolved over the intervening years to progress the MtGox case due to the novel nature of digital assets and the high market value of the remaining estate assets. MGL urges all members to at a minimum read the draft summary outline of the CR plan provided by the Trustee (https://claims.mtgox.com), and to discuss with other members about the CR plan in the forum in case you have questions before voting.
Kim Nilsson, a Bitcoin researcher, MtGox creditor and MGL member published a detailed blog post that may help you model and understand your options regarding the Trustee’s CR plan (https://blog.wizsec.jp/2021/02/mtgox-claim-calculator.html). The key factor to note is that no matter what selections a creditor makes, all of the options provided by the Trustee’s proposed Civil Rehabilitation plan far outweighs the value to creditors if we all return to the bankruptcy process.
MGL strongly urges all creditors to vote YES to the CR plan to maximize the chance of CR plan approval.
Should you have any questions regarding the CR plan, feel free to email us at [email protected], and to discuss on the forum with our wider member community.