After years of deliberation there finally is a Draft Rehabilitation Plan for the bankrupt BTC exchange MTGOX, approved by Tokyo Court. The document is more than 200 pages long and while there is a translation to English provided, I'm still quite clueless what the legalese means. Did any of the fellow creditors read it and understand it? How will you vote?
As a creditor with BTC/BCH claim I am particularly interested in the following question regarding this Plan:
Will I get any significant portion of my BTC/BCH deposit with MTGOX back or will the crypto be converted to YEN using 8 years old exchange rate?
It feels like the latter outcome is more likely.
Given the extent of the crypto bull market, I don't see any recourse for creditors when it comes to getting paid in full in BTC. The sheer size of their balance sheet would mean that even the biggest exchanges right now probably won't be able to handle such a large liquidation request.
On the flip side, the BTC runup does make paying back everyone in full in terms of fiat a lot more feasible. There will probably be a lot of back and forth still with the legal settlement process, but hopefully they do pull through this time.