Quote from: grifferz on February 28, 2014, 11:31:44 AM

My understanding was that bankruptcy protection was similar to chapter 11 protection in the US, which allows for continued trading and restructuring. Is that not the case?

If it is the case, that is very different from just the connotations of "bankruptcy" which would be an admission that it is all over now.

(though I guess even if it is like chapter 11 it could well still all be over as they may never come up with a suitable plan)

Is it different in Japan?

It is quite ok to say that "Mt Gox filed for bankruptcy" because chapter 11 is the 11th chapter of the bankruptcy code, so it is technically part of the process called bankruptcy.

chapter 11 is usually the very last step before the company is completely desolved.. very few companies come out of that alive. source: Me, I've been a trader for years.
usually the "restructuring" involves selling all the assets off to another company in a firesale (look at THQ and OZC for example).. as far as the investors and creditors are concerned.. their money is toast.
the sad thing is that CEO's rarely go to jail when a company goes bankrupt... Mr ~~Karpeles~~ Kartmenez should go to jail for his continued negligence IMO.. he continued to run the company knowing that it was insolvent and deliberately took peoples money when he knew there was no way honor them if they wanted to withdraw... that's gross negligence bordering on criminal negligence or fraud in my book.

what Karmenez did makes Charlie Shrem look like Charlie Shrimp.

EDIT.. Just re-reading the article it looks like they only came up short by $65 million instead of the much worse figure of several hundred millions of dollars... so each person could still get back a fair chunk of the BTC they had stored there after a VERY VERY long process.... however, for a double whammy the BTC they had stored there is now devalued even further by this debacle....

I'm lucky on only had like .02 btc there lolz... dont think ill bother waiting in line to get my money back.