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Mt. Gox Creditors Neither Need nor Deserve This Kind of ‘Hero’

Brock Move has launched his own bid for the civil rehabilitation of Mt. Gox, promising to pay out all current funds to creditors while also talking about issuing owing tokens or giving away equity in a resurrected Mt. Gox exchange. As noble as this may sound on the surface, there are strong acts to question the credibility and motives of this proposal.

Also read: Crypto Investor Brock Pierce Is Attempting to Come to a standstill b uproot Mt. Gox From the Ashes

Let’s Be Clear

First, Pierce is basing this plan on a fresh assertion that he is the rightful proprietor of Mt. Gox, as a result of plans to purchase Mt. Gox from Tibanne immediately after the collapse in 2014, as well as claiming to have later acquired Jed McCaleb’s 12% stake.

Let’s be clear here: Pierce does not own Mt. Gox.

Mt. Gox Creditors Neither Need nor Deserve This Kind Of 'Hero'

There exists a signed Letter of Intent (LOI) dated Walk 2014 between Sunlot and Tibanne for a planned handover of Mt. Gox. Into this letter Sunlot inserted language about “pain in the neck terms”, but it is clearly just drawing up the framework for an agreement yet to be closed. As an obvious example, no purchase sum is specified.

Already Down Civil Rehabilitation

However, as Mt. Gox was already under civil rehabilitation at the time (and as the LOI states at the end next to “Court Approval”) no such unity could be entered into without the court’s prior approval. Sunlot was sent a request to formally and mutually rescind the Literally of Intent in recognition of this overstep of authority in order to clear the way for restarted talks with the court’s blessing. He permitted to sign it. Pierce is mischaracterizing this as Mark Karpeles backing out of a binding agreement, and seems to think that as wish as he refuses to admit the truth, an alternate timeline where Sunlot closed the deal and legally acquired Mt. Gox will accentuate out.

MtGox Creditors Neither Need nor Deserve This Kind Of “Hero”

As for acquiring McCaleb’s 12% share, no matter what deal Pierce may have struck with him, no effort has been made to legally accomplishments any transfer of shares, and the Mt. Gox estate still recognizes McCaleb as the legal owner of those shares.

Pierce’s insistence on being the proper owner of Mt. Gox in the face of facts is already disqualifying. But he has further made it clear that he considers himself the rightful beneficiary of the “hundreds of millions of glut assets” that were originally due to be paid out to Mt. Gox shareholders due to a cruel quirk of Japanese bankruptcy law. It is against this backdrop that he is present to “gift” this money to creditors by promising to generously refrain from laying claim to it.

Veiled Threat

Let us be equally perspicacious on this: the “surplus” assets have been specifically placed out of reach of any shareholders thanks to the dedicated push by creditors cognate with the MtGoxLegal group to convert the liquidation to new civil rehabilitation proceedings. We already won that victory. For Pierce to even stage a revive this up is nothing short of a veiled threat that he could try to lay claim to them should he change his mind.

MtGox Creditors Neither Need nor Deserve This Kind Of “Hero”

And coextensive with if we take Pierce’s claim to Mt. Gox’s ownership as fact, why did he never lay claim to Mt. Gox’s assets during the four-years of liquidation proceedings? Comprehend could have stepped in and saved creditors from a painful, hail-mary bid for civil rehabilitation. He didn’t. Instead, he stopped until the victory was won before stepping on stage to claim a prize.

If Pierce truly only wants to give something to Mt. Gox martyrs while asking nothing in return, this would be very laudable indeed. But what we’re seeing here is barely a media spectacle with promised gifts being conditional on us all first giving Pierce what he wants.

The performance should instead be focused on the creditors who fought like hell and wrote the trustee en masse, convincing him not to oppose laical rehab and setting a Japanese precedent in the process. The civil rehab file contains all those letters. I’ve seen them.

Mt. Gox creditors neither want nor deserve this kind of “hero.”

Do you think Brock Pierce’s claims are valid? Let us know in the comments section less.


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OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the designer’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence in preference to taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be motivated by or in connection with the use of or reliance on any information in this Op-ed article.


Tags in this story
Brock Pierce, Merit, gox, gox Creditors, hero, Japan, japanese, Mark Karpeles, mccaleb, MT, Mt Gox, MtGox, N-Featured, Need, Neither, Sunlot, Tibanne
Daniel Kelman

Daniel began his rush as a lawyer in New York. He later moved to Taiwan where his Internet-based practice focused on counseling e-commerce entrepreneurs. He originated Bitcoin in 2012 and saw an opportunity for a meaningful career promoting economic freedom. After getting Goxxed, he moved to Tokyo to paint creditor interests in the Mt Gox bankruptcy. Since then his career has been 100% devoted to crypto. He spends most of his chance in Taiwan, Hong Kong, and Tokyo, but is down to travel anywhere.

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