Disappointment and uncertainty following MtGox creditors meeting

Coindesk reports that that the much-anticipated meeting between MtGox bankruptcy trustee Nobuaki Kobayashi and creditors left many uncertain and disappointed about

Coindesk reports that that the much-anticipated meeting between MtGox bankruptcy trustee Nobuaki Kobayashi and creditors left many uncertain and disappointed about the current state of proceedings.

The meeting took place earlier today at the Tokyo District Court. In attendance were over 100 creditors, the majority of them Japanese, plus Kobayashi and Mark Karpeles.

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Kobayashi said that he was approached by several creditors to have the remaining bitcoins distributed as bitcoins, not liquidated into cash. He is open to such a proposition if legally possible. When he posed the question to attendees for a show of hands, 70-80% affirmed that they would prefer the bitcoins, which was met with a round of applause.

He is also meeting with various parties interested in purchasing the exchange’s remaining assets in a bid for its revival. He will evaluate the merits of each party, including if they have prior experience with Bitcoin.

One of the criticisms was that Kobuyashi himself did not appear to have a thorough understanding of Bitcoin. He responded to many questions along the lines of “that’s still under investigation” or “that’s confidential”.

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Indeed, many of the attendees were frustrated by what they perceived as a lack of transparency in the police investigation of the coins’ disappearance. Many are wondering about the choice to have two major accounting firms take part, which is further draining the entity of its remaining assets available for creditors. For something like bitcoins, they argue, IT security experts would be more fitting. A number of suspicious transactions are alleged to have taken place between MtGox and its parent company Tibanne since the bankruptcy proceedings commenced.

One creditor also pointed out that it seems like nothing has been done about the millions in missing fiat.

The session was conducted entirely in Japanese, to the disappointment of the English speakers visiting from abroad. A written summary of Kobayshi’s update was provided though.

Karpeles was largely inactive during the session, except for an apology in response to a creditor.

The next creditors meeting is scheduled for November 26.

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