There are two legal remedies we are exploring. First, depending on the outcome of the creditor’s meeting on July 23, a motion may be filed to remove Kobayashi as trustee of the MtGox bankruptcy estate. This will depend on what he has done. But if assets have been wasted, if he has not exercised his best efforts to care for creditor assets and preserve the value of the estate, if he has handed out untold millions to lawyers without disputing a bill, if he has not displayed the requisite knowledge about bitcoin that is needed to appreciate their value in the liquidation process, we may decide to file such a motion. Essentially, he owed a fiduciary duty to creditors with respect to our assets and it is our respobsibility to make sure that duty is taken seriously.
Second, there is the possibility of forming a creditor committee that has official oversight power over the trustee. Application must be made to the court, the committee must have no less than three and no more than ten members, members must be representative of the community and more than half of all creditors must agree. If this is possible, creditors could gain leverage over this situation to get the result we deserve.
We have been advised by counsel that these legal remedies may have never been invoked in a bankruptcy in Japan before. But we believe that there has never been a bankruptcy of this nature before, with the bulk of the assets–200,000 bitcoins–not being properly valued and with most creditors being foreigners. Therefore, this situation calls for a unique remedy for a unique situation.
The decision to trust us is up to you, but understanding who we are and what motivates us should help you make this decision. We are creditors, like many of you, who were also sitting in front of our PC’s racking our brains for some way to help the situation after being Goxxed.
We were all living and working in Japan when the Goxxing occurred (with the exception of Daniel Kelman, who came here from Taiwan on March 1 after getting Goxxed) and met at bitcoin meetups held each week in Tokyo. We became friends and, as we discussed the issues affecting us all, we realized we possessed a unique set of connections and skills that could be used to help fix this situation. We are all believers in bitcoin and the freedom it represents for people everywhere. We also believe that the Mt. Gox situation has had a serious impact on the price and adoption of bitcoin. Like everyone else, we have been frustrated by the slow court process, lack of communication by the bankruptcy trustee, and the apparent abuse of creditor assets. This is a pivotal moment in the history of bitcoin and we want to do what we can to engage the community and make a difference.
With this in mind, we put up our own money to hire lawyers. Our lawyers at Nishimura and Asahi have began communicating with the trustee to get answers, share them with the community and work toward a solution. We are continuing to pay lawyers and attempt to engage the trustee. We were recently presented with an NDA from the trustee, but opted against signing since it would prevent us from engaging the community effectively. We want answers regarding the investigation and if the investigation is being conducted poorly, we want to be able to report it.
Since the beginning of the Mt.Gox insolvency, IRC has been where many of the most active MtGox creditors have gone to discuss the current events of the day ad work toward a solution. We have been, and continue to be active on IRC at ##mtgox-talk, which became the de facto official channel after ##mtgox went offline (MtGox and Mark Karpeles aka Magicaltux used IRC as a way of communicating with customers directly). Daniel Kelman’s IRC nickname is Lao_Ban_ and Yan’s is FishFish. Our track record in the ##mtgox-talk forum solid, ask about us. Please join and engage in the discussion with us and others, this is where we and others go to discuss information before it becomes public.
Everyone should make their voice heard.
One of the best ways to participate is engaging in the discussion on IRC at ##mtgox-talk. This is where creditors can go to collaborate on new ideas, brainstorm and get caught up on the latest. We are there.
You can also email the trustee and others working in his office at: