Quote from: realnowhereman on February 23, 2013, 02:21:03 PM

Quote from: repentance on February 20, 2013, 06:21:51 AM

The liquidator estimated that the combined value of BTC and USD in the Bitcoinica MtGox account/s was $500,000 based on the information with which he'd been provided and he was waiting for MtGox to confirm that - but that estimate was based on BTC being worth USD 11.

There was $85,181 in Bitcoinica's bank accounts and there should be no impediment to the liquidator obtaining control over those funds.

According to the first report, the value of Bitcoin claims was roughly five times that of USD claims. At today's rates, the 65,057 BTC claimed are now worth almost $2 million, compared to the $765,000 they were worth in November.

One potentially problematic issue is that although 40,000 BTC were stolen in the MtGox intrusion, only 20,000 BTC were returned. Although more USD was returned than was stolen ($60,000 more), movements in Bitcoin price since then mean those missing Bitcoins now have a value of ~USD 600,000.

Obviously, it matters a lot whether the majority of remaining Bitcoinica funds held on MtGox are held as BTC or USD - and that information is currently unavailable.

As pointed out by MPOE-PR, MtGox could actually refuse to acknowledge the authority of the NZ liquidator and choose instead to acknowledge the authority of the California court if the Cartmell plaintiffs prevail and seek domestication in Japan of the California court's order (which you can almost guarantee will happen if MtGox still holds Bitcoinica's funds when the California action is decided).

Thank you for the extremely clear explanation. You are a scholar and a gentleman.

GAHHHHHHHHHHHHHHH.

Let me back-of-the-envelope out loud then using your figures. Current holdings are:

Code:

Claimed - stolen + returned BTC = 65027 BTC - 40000BTC + 20000 BTC = 45027 BTC
Claimed - stolen + returned USD = 765000/5 USD + (returned-stolen) = 153000 + 60000 = 213000 USD

Total holdings in USD today = (BTC@28.5) 1,283,269.5 + 213000 = 1,496,269.5
Total claims in USD today = (BTC@28.5) 1,853,269.5 + 153000 = 2,006,269.5
Deficit = 2,006,269.5 - 1,496,269.5 = 510,000 USD
Estimated return if funds were cleared today = 74.5796%

Double GAHHHHHHHHHHHHHH!

I don't suppose there is any way to persuade the liquidators to use the 60,000 USD that they do control to buy BTC to prevent any further losses from exchange rate changes?

I think it's very important question for the authorities (for world government). They will not allow that would be the first lawsuit to bitcoin was a "failure." They will spend $ 1M, $ 2M, $ 10M, but the price bitcoin grow and the court will successfully resolved in favor of the creditors (claimants) on the price level is above 50.
It's not as easy as you think. IMHO What would have been good news. And apparently there was another article in forbes I do not worry about it. But I want that to rush things (maybe I'm wrong).
[stop sarcasm]