Does this mean they will start paying people some bitcoins back soon, or could the coinlab claim still put everything on hold?
https://coinmarketcap.com/alexandria/article/mt-gox-rehabilitation-plan-approvedA rehabilitation plan that would reunite Mt. Gox victims with billions of dollars has been overwhelmingly approved.
A whopping 99% of affected creditors cast a vote on the proposals, with 83% saying they were in favor of the plans that had been put forward by the trustee.
The outcome of the ballot is expected to be finalized in a month’s time — and from here, repayments will begin to be made.
Have the creditors approved coinlab's plan?
https://www.bloomberg.com/news/articles/2021-01-15/coinlab-reaches-deal-with-mt-gox-trustee-over-bitcoin-claimsCreditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled.
CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy.
The plan must be approved by creditors and investors aren’t obligated to take the early payment and can wait for the lawsuits to settle
Correct me if I am wrong, but my quickie perusal of those two linked articles causes me to conclude that they would get something like 23% of their BTC holdings?
I used this statement from the Bloomberg article:
>>>>>"For each Bitcoin that was locked up in the bankruptcy that has a claim on it, the estate has only 0.23 coin to give out, according to a CoinLab spokesman."<<<<<<<
So, if they had 10 BTC, they would end up getting 2.3 BTC for the settlement?
If the payout ends up something like that, the amount would not be bad (absent all of the opportunity costs of a nearly 8 year forced HODL).
I know that GOX had crashed down to $100 around that time, but we could go with a ballpark estimate of fair market value for around that time as around $500 per BTC (as mentioned in the article). So 10 BTC would have been worth around $5,000. A settlement of 2.3 BTC right now would be dollar valued at around $145k. So around a 29x appreciation in dollar value? Even regular normie HOLDers/traders will screw up their value more than that over the years by selling too much BTC too soon.. so a forced HODL might have been good for their value retained... again absent some possible opportunity costs.. and of course, some people are not able to enjoy price appreciation nearly 8 years later (health, death, etc).
Any correction to my ballpark estimate from the articles would be welcomed, for sure.
So i