Mt. Gox filed a motion requesting the U.S. Bankruptcy Court’s approval of the form of the official notification of the May 6 recognition hearing as well as approving the service via email. The motion also seeks to establish a deadline of seven days before that hearing for any party to object to the request for recognition of the Japanese insolvency case. Additional notice would be provided by posting an approved form of notification on the Mt. Gox web site as well as at the Reddit.com site.
Continue Reading Mt. Gox’s Request for Email Notification of Its Chapter 15 Case
Mt. Gox – Bankruptcy Hearings Next Week Should be Interesting
Tuesday evening, the Plaintiffs in the Illinois Class Action litigation filed motions with the U.S. Bankruptcy Court in Dallas asking that court to terminate the temporary stay it recently granted to Mt. Gox. They also asked that Robert Marie Mark Karpeles (the Foreign Representative for Mt. Gox) be ordered to provide testimony under oath in the United States regarding the Chapter 15 filing. The motion will present the first chance for the Bankruptcy Court to consider the balance between Chapter 15 relief and the ability of the Illinois Class Action Plaintiffs to use the fact of Chapter 15 relief to obtain testimony to buttress their pending action.
Continue Reading Mt. Gox – Bankruptcy Hearings Next Week Should be Interesting
Mt. Gox’s Japanese Bankruptcy and U.S. Chapter 15 Case – Implications For Creditors
Introduction
Mt. Gox has filed a civil rehabilitation proceeding under Japanese law, and subsequently filed a companion case in Dallas, Texas under Chapter 15 of the U.S. Bankruptcy Code. The U.S. Bankruptcy Court issued an initial stay (injunction) to protect Mt. Gox and its U.S. assets from actions by creditors and set a hearing for April 1 and 2 to consider whether Mt. Gox would receive the full protections allowed to foreign companies by Chapter 15. If the U.S. court allows the Chapter 15 case to be maintained, certain provisions of the U.S. Bankruptcy Code will apply to parties in interest. What are the implications of these cases for Mt. Gox’s creditors?
Continue Reading Mt. Gox’s Japanese Bankruptcy and U.S. Chapter 15 Case – Implications For Creditors