The Tokyo District Court made an order to refer the draft rehabilitation plan to a resolution.
Meaning that, how creditors (MTGox users) will be paid has been chosen.
I read the Rehabilitation plan, but English is not my native language, and they use "legal terms", that I'm not familiar with.
This is what and how I understood the document. I am aware that I probably misunderstood some parts, and that I could be wrong, please correct me.
As I understand, everything you had on your MTGox account (FIAT + BTC/BCH) will be converted the Yen currency, to calculate the payout.
The FIAT conversion rate to Yen, will be :
The BTC conversion rate will be : 749 318,83 Yen/BTC
The BCH conversion rate will be : 97 481,19 Yen/BCH
Any other crypto they have (other than BTC and BCH), will be sold for FIAT.
FIAT will be paid in priority. If the amount of FIAT they have isn't enough, they will sell BTC and BCH to payout the FIAT claims first.
Concerning BTC and BCH, each creditor that have some BTC/BCH, had the choice between getting paid in FIAT or getting paid in BTC/BCH. The people in charge of paying the creditors will try to make it fair between people that asked for FIAT and people that asked for BTC/BCH.
They will first do a "Base Payment" (that is how it is called in the document).
This base payment includes :
1. the priority payment of certain FIAT currency claims.
I don't really understand this part. Does this concerned all the FIAT claims of creditor number X1 to X18785 ?
2. a "Small Sum Payment" (that is how it is called in the document) of up to 200 000 Yen per creditor. If creditor has FIAT and BTC/BCH, the payment applies to FIAT, then to BTC/BCH.
After the "Base Payment", creditors will have the choice (voting going from March 24, 2021 to October 8, 2021) between :
1. a "Early Lump-Sum Payment". Each creditor, that chooses this option, gets immediately (at the same time of the "Base Payment"), 21% of their approved claims. And after that 21% payment, don't and can't get anything afterwards.
2. a "Final Payment" (+ "Intermediate Payments"). Each creditor, that chooses this option, will get a cut of what is left after "Base Payment" and "Early Lump-Sum Payment" are made.
Additionally, if some assets (FIAT/Crypto) are found after all the payments are made, the creditors that choose the "Final Payment" option, will get a cut of that new asset.
So now, what to choose ?
The assets are :
69 796 218 220 Yen
141 686,35371099 BTC (using today's rate (2021 Feb 26 : 1BTC=4 842 159,46 Yen (~45 000USD)) = 686 067 917 974,57 Yen)
142 846,35166254 BCH (using today's rate (2021 Feb 26 : 1BCH=51 119,02 Yen (~470 USD)) = 7 302 165 507,56 Yen)
The liabilities are :
1 706 625 454 218 Yen
1 167 841,75872567 BTC (using the conversion rate = 875 085 820 273,46 Yen)
1 363 351,48614373 BCH (using the conversion rate = 132 901 125 257,55 Yen)
Taking today's BTC and BCH rate, assets are 71% of the liabilities.
So options 2. "Final Payment" seems to be the better choice.
Meaning that, how creditors (MTGox users) will be paid has been chosen.
I read the Rehabilitation plan, but English is not my native language, and they use "legal terms", that I'm not familiar with.
This is what and how I understood the document. I am aware that I probably misunderstood some parts, and that I could be wrong, please correct me.
As I understand, everything you had on your MTGox account (FIAT + BTC/BCH) will be converted the Yen currency, to calculate the payout.
The FIAT conversion rate to Yen, will be :
The BTC conversion rate will be : 749 318,83 Yen/BTC
The BCH conversion rate will be : 97 481,19 Yen/BCH
Any other crypto they have (other than BTC and BCH), will be sold for FIAT.
FIAT will be paid in priority. If the amount of FIAT they have isn't enough, they will sell BTC and BCH to payout the FIAT claims first.
Concerning BTC and BCH, each creditor that have some BTC/BCH, had the choice between getting paid in FIAT or getting paid in BTC/BCH. The people in charge of paying the creditors will try to make it fair between people that asked for FIAT and people that asked for BTC/BCH.
They will first do a "Base Payment" (that is how it is called in the document).
This base payment includes :
1. the priority payment of certain FIAT currency claims.
I don't really understand this part. Does this concerned all the FIAT claims of creditor number X1 to X18785 ?
2. a "Small Sum Payment" (that is how it is called in the document) of up to 200 000 Yen per creditor. If creditor has FIAT and BTC/BCH, the payment applies to FIAT, then to BTC/BCH.
After the "Base Payment", creditors will have the choice (voting going from March 24, 2021 to October 8, 2021) between :
1. a "Early Lump-Sum Payment". Each creditor, that chooses this option, gets immediately (at the same time of the "Base Payment"), 21% of their approved claims. And after that 21% payment, don't and can't get anything afterwards.
2. a "Final Payment" (+ "Intermediate Payments"). Each creditor, that chooses this option, will get a cut of what is left after "Base Payment" and "Early Lump-Sum Payment" are made.
Additionally, if some assets (FIAT/Crypto) are found after all the payments are made, the creditors that choose the "Final Payment" option, will get a cut of that new asset.
So now, what to choose ?
The assets are :
69 796 218 220 Yen
141 686,35371099 BTC (using today's rate (2021 Feb 26 : 1BTC=4 842 159,46 Yen (~45 000USD)) = 686 067 917 974,57 Yen)
142 846,35166254 BCH (using today's rate (2021 Feb 26 : 1BCH=51 119,02 Yen (~470 USD)) = 7 302 165 507,56 Yen)
The liabilities are :
1 706 625 454 218 Yen
1 167 841,75872567 BTC (using the conversion rate = 875 085 820 273,46 Yen)
1 363 351,48614373 BCH (using the conversion rate = 132 901 125 257,55 Yen)
Taking today's BTC and BCH rate, assets are 71% of the liabilities.
So options 2. "Final Payment" seems to be the better choice.