Tokyo court report: “Mentougou” debt for more than 2 trillion yen, insolvent

Author Qin Xiaofeng Zhang Huidong, |

| editor Lu Xiaoming

Beijing time on March 20th, Japan Tokyo District Court issued a “Mt Gox” the latest report (download).

Although Mt Gox has now entered the civil regeneration program, makes the procedure of bankruptcy may be suspended, creditors will receive priority compensation.

However, the daily planet Odaily found at Mt Gox, the total assets of 697.7 billion yen, 141686 BTC and 142846 BCH. The asset is far lower than the debtor and the court has approved the application amount of the amount of. In other words, Mt Gox will eventually become insolvent.

Asset status

1. cash assets

As of the 3 month 19 days to 2019 years, MtGox the account balance is 69 billion 550 million yen (these funds have been secured), reduced by about 122 million yen compared to 9 months for 2018 years 26 days “civil litigation regeneration of the first meeting of creditors”.

(balance sheet)

In the guarantee account balance, in order to protect the interests of creditors in bankruptcy cases, the trustee lawyer Kobayashi established trust funds, and will be 158.9 billion yen entrusted to the trust.

The daily planet Odialy note: in order to protect the creditor, the trustee Lin lawyer in 2018 to sell 25 thousand BTC and BCH, which is currently the main source of cash.

2. encryption assets

As of March 18, 2019, the company holds BTC MtGox regeneration for the number 141686.3, the number of BCH held for 142846.3. The regeneration of the trustee Kobayashi lawyer said, are still investigating whether MtGox also holds other encryption currency assets, once found will be transferred to the custody. The encryption of monetary assets, after will also become a source of debt to the regeneration of creditors.

3. related assets table interpretation

(Statistics of non exchange claims)

The so-called “non debt exchange”, which in addition to the “user to exchange currency or virtual currency exchange claims to return than debt.

At present, a total of 7 people apply for the “non exchange claims”, involving BTC, BCH and other kinds of encryption currency, equivalent to about 1 trillion and 760 billion 330 million yuan yen; the court finds that the approval of the creditor’s rights or legal tender for 3 million 710 thousand yen, accounting for about 0.02.

(exchange claims list)

The figure shows, a total of 23267 pieces of “exchange credit application”, 18767 of them through the online application, 4500 through offline application; application relates to BTC, BCH and other kinds of encryption currency, the total value of 901 billion 940 million yen; among them, the court finds that the approval of the total value of 685 billion 730 million yuan debt, accounting for 76%.

The emergence of a problem, what is the “admission rights”? “The so-called ‘admission claims’, namely after the creditors, the debtor (Mt Gox) he admitted the existence of creditor’s rights. “The lawyer Zhang Kai explained.

The “admission rights” as shown in the following table:

(admission claims table)

Summary:

The report shows that the balance sheet is shown as follows:

  • A total of 1167841.7 BTC for creditors, the court found 938476.2 BTC, accounting for 80.3%;

  • A total of 1363351.4 BCH for creditors, the court found 938476.2 BCH, accounting for 68.8%;

  • A total of creditors apply for other tokens (including currency) value of 1 trillion and 706 billion 620 million yen, the court found 10 billion 220 million yen, accounting for only 5/1000.

In addition, the Mt Gox of the total assets of 697.7 billion yen, 141686 BTC and 142846 BCH. In other words, even if all creditors are for the court, finally is insolvent.

(balance sheet)

(balance sheet)

MtGox other claims

Trustee Lin lawyers believe that MtGox holds some of the companies and individuals of creditor’s rights, so I want to put these claims back for MtGox.

The first is the parent company of MtGox TIBANNE ltd.. In 2015 years 5 months TIBANNE executive bankruptcy lawyers filed bankruptcy claims, Kobayashi, a total of 25841657102 yen). TIBANNE Taro Awataguchi company trustee in bankruptcy lawyer contested the claim, and in October 13th of that year made a claim assessment of application, the assessment is underway.

The two is the Robert Marie Mark Karpeles. In February 2017 Robert Marie Mark bankruptcy Karpeles, Lin lawyer filed a bankruptcy claim, a total of 25190162021 yen. At present, the bankruptcy procedure is still in progress.

It is worth noting that the March 15, 2019 Tokyo District Court issued a criminal judgment of Robert, the court ruled that he had no so-called guilty of embezzlement, and improper use of electronic records “in the crime and sentenced him to imprisonment in two years and six months, four years of probation.

The future schedule:

The report gives the next procedure schedule:

  • The exchange period: March 22, 2019 to March 29, 2019 survey claims;

  • Exchange credit acceptance, evaluation period: March 30, 2019 to May 7, 2019;

  • The proposal submission deadline: April 26, 2019

Because the case involves a number of countries the extremely large number of lawyers, Lin will be on the site (https://www.mtgox.com/) on the disclosure of creditors need more information about the case.

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