All the money the trustee has will be reimbursed, there is no 10% cut just because some cashed in early, it just gets redistributed to the ones that didn't!
Yep but I was writing about
July sales. These 11% haircut then could be redistributed later, but they don't count for July.
Regarding the rest of what Galaxy Research wrote, the logic I interpreted is of course that the distribution by the claim funds and Bitcoinica to their creditors should take longer than to be sold in July.
If you take
all possible sales, then 140k is the worst case. But for the payments expected for July, I see no reason why a "realistic" worst case should be more than 65k. At least according to this source.