Mt Gox creditors petition to get full reimbursement

Mt Gox creditors plead with the Tokyo court to change case from bankruptcy to civil rehabilitation
14 December 2017   481

The case of Mt Gox bankruptcy has been dragged for four years and now it receives a new spin, which will probably allow the creditors to get their money in full.

A petition was filed with Tokyo court that asks Japanese bankruptcy officials to move the case to different type of legal action – civil rehabilitation. If the motion passes, then creditors will receive their money in full, which isn't possible with the current state and type of case.

A little recap is in order. The Mt Gox trading platform was declared bankrupt after losing over 800,000 BTC. The creditors sued the company and the legal proceeding are still underway, with a little twist of Mt Gox's CEO Mark Karpelès being under investigation for embezzlement. And the current case of bankruptcy calls for liquidation sale of company's assets to refund the creditors. The trustee appointed by the court to the Mt Gox right now has control of leftover funds of 200,000 BTC, uncovered during the investigation.

The only downside being the sum of return - $450 per BTC, according to the exchange rate on the time of case being taken to the court.

And it means that not only the creditors will receive only fraction of their money, but also Mt Gox shareholders and CEO will get over $2Bn in the end, after losing all of the clients' money. But the court and the trustee consider moving the case to civil rehabilitation format, because the current trading platform's assets possibly far outweigh the current liabilities.

The petition by the claimants that also supports this assumption was filed by the newly-founded creditor group directed by Kolin Burges, owner of Mtgoxprotest.com website, who explained multiple times in the past, that he's not satisfied with the direction the bankruptcy case was going.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   113

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.