Nobuaki Kobayashi (pictured), the rehabilitation trustee for the bankrupt bitcoin exchange MT Gox, stated last month the distribution of funds can not meet the deadline of 28th of October, so it has been postponed to March 31, 2020.
That’s precisely six years since MT Gox entered bankruptcy in 2014, with the trustee stating according to a rough translation:
“I am in discussion with several parties while continuing to consider how to pay each creditor.
However, as described in 2-2 (1) above, TIBANNE Co., Ltd. and CoinLab, Inc. have been filed for appraisal, and TIBANNE Co., Ltd. is pending an objection against the decision. Inc. may also be filed as an objection against the decision.
In this way, it is difficult to prepare a rehabilitation plan because the existence of a large amount of receivables has not yet been determined.”
Tibanne was the parent company of MT Gox owned by Mark Karpeles, the former MT Gox CEO.
They were claiming half of the bitcoin available, some ₿82,507, presumably on the basis that those are profits for the company which lost one million bitcoin, with 200,000 BTC then found through blockchain analysis.
The court rejected that claim made by Tibanne’s trustee because that too has entered bankruptcy. Their trustee, however, can now appeal, but they haven’t and it looks unlikely they would because Tibanne obviously doesn’t have a higher claim to profits than actual creditors to their possession which they squandered.
Then there’s Coinlab by Peter Vessenes. Coinlab filed a claim for crazy billions based on some agreement with Karpeles prior to bankruptcy for Coinlab to handle the US operations, with Coinlab apparently claiming they had the licenses and everything.
Karpeles seemingly found out Coinlab didn’t have any of the licenses, so he cut off the agreement. Coinlab sued. MT Gox went bankrupt, and now Coinlab has stated because of the bitcoin bull run their initial claim for crazy millions is now amended to be for crazy billions.
The court dismissed their claim, granting them “only” $4 million on their crazy claim of $16 billion, but Vassenes apparently is still not happy so he has filed for an appeal.
So now tens of thousands of goxed-coiners, who have waited for six years, have to wait for Vassenes to stop playing stupid games or for the court to
tell him to fuck off again, dismiss his appeal.
If they do, then about 145,000 bitcoins and bitcoin cash are to be distributed to an estimated 10,000 holders probably through Kraken.
In addition, around half a billion dollars is to be given to them in dollars probably again through Kraken as that would be the easiest way, not least because many of them filed their claim through Kraken all the way back in 2015.
Whether this will be in March remains to be seen, but these complex bankruptcies usually take six years, so we’d say probably.