Revised Basic Policy for Preparing a Rehabilitation Plan (as of August 1, 2018)

The revised basic policy for the rehabilitation plan that we are considering as of August 1, 2018 is as stated below. We received various comments on the previous version of the basic policy from a large number of creditors (including Mt Gox Legal which has been administrated by Mr. Andy Pag) and we have made revisions based on these comments.  The revisions are written in red.

The rehabilitation plan outline we have prepared is merely a proposal as of this point in time. We would like to hear your opinions, as creditors, and make revisions to prepare a rehabilitation plan which reflects creditor opinions to the fullest extent possible.

Your opinions can be submitted by commenting on this article, sending e-mails to the relevant e-mail address, or sending letters. You can also use the comment box on the website.  We look forward to hearing your opinions.  Please provide your name and filing number so that we are able to identify you as a creditor.


[Basic Policy for the Rehabilitation Plan]

  1. The rehabilitation plan should be simple and the implementation thereof should have a high degree of certainty.

Although we requested of the court that the proceedings be progressed in accordance with the standard schedule of civil rehabilitation proceedings, the commencement order has set the deadline for submitting a civil rehabilitation plan on February 14, 2019, which is several months behind the standard schedule.

In order to make the first payment as soon as possible, the rehabilitation plan should be simple. If the rehabilitation plan is complicated, interest adjustment among the interested parties will be necessary, and delay in the approval of the rehabilitation plan will be a concern.  Also, a complicated rehabilitation plan would be difficult to understand, and unfriendly to many creditors.  We are of the opinion that it is important to make the rehabilitation plan as simple as possible, obtain approval early, and make payments to creditors as soon as possible.

In addition, in order to ensure payment to creditors, we are of the opinion that the rehabilitation plan should contain a plan for implementation which is both highly certain and realistic, considering rehabilitation proceedings practices in Japan.


  1. No distribution will be made to shareholders.

Mt. Gox is not capable of returning all BTC deposited by creditors. Accordingly, we consider that all assets of Mt. Gox should be distributed to creditors and not to shareholders.


  1. Claims for return of bitcoins (BTC) will be repaid in BTC and BCH in general.

In general, we consider it appropriate to make payments to creditors who had been depositing BTC (BTC creditors) with Mt. Gox, in BTC and BCH instead of cash.

This is because making payments to BTC creditors in BTC and BCH is the most simple and efficient way, minimizing transaction costs such as bank fees (this is the very advantage of BTC).  Also, if payment is to be made in cash, it will be necessary to exchange a large amount of BTC and BCH for fiat currency, which may result in the decline of the price of BTC, etc.  Further, as the price of BTC and BCH fluctuates rapidly, it is difficult to determine when to sell BTC and BCH.

We think it esirable that the BTC and BCH be sent to exchanges in which many creditors have accounts or can open accounts easily.

In addition, Mt. Gox holds a lot of cash through the sales of BTC and BCH and the remaining cash amount after the repayment to the monetary creditors should be paid to BTC creditors in cash without exchange to BTC.  In this case, we think it desirable that the cash be sent to the accounts of the exchanges, as chosen by the creditors.

Moreover, with regard to altcoins (cryptocurrency except for BTC and BCH), the number of exchanges which deal with altcoin is limited. It is unrealistic to repay BTC creditors in altcoin and therefore altcoin should be exchanged to cash and paid to creditors . However, there are no exchanges which deal with all types of altcoins, there is a possibility that the sale of the altcoins by the trustee would cause a sudden fall in the price of altcoins and security problems may arise if the trustee moves the altcoins.  Therefore, the trustee should proceed with the sale of altcoins with careful consideration of these matters.


4.         The full payment to the monetary creditors will be made.

Our plan will ensure the monetary creditors receive full payment of the amount which they are to be paid in the bankruptcy proceedings. Specifically, they will receive full repayment to the degree which has been approved in the bankruptcy proceedings. The amount which may be paid to BTC creditors from the estate of Mt. Gox available for payment decreases by implementing this policy. However, we will maintain this policy because, in the Examiner’s report, the Examiner considers that the civil rehabilitation of Mt. Gox shall commence, assuming that the following measures are taken before the decision to commence the rehabilitation proceedings (in other words, the discontinuation of the bankruptcy proceedings), that ensure the benefits of the monetary creditors in the bankruptcy proceedings of Mt. Gox.

We think it desirable that the cash be sent to the accounts of the exchanges, as chosen by the creditors.


  1. First payment to creditors will be made promptly after the approval and confirmation of the rehabilitation plan (according to the schedule written in the commencement order, this will be May or June of 2019).

Creditors have been waiting for payment to be made for as long as 4 years since Mt. Gox was bankrupted. Needless to say, payment to creditors should be made as soon as possible.

We are of the opinion that most of the assets, including approximately 166,000 BTC and 168,000 of BCH and other derivatives currently held by Mt. Gox, should be paid to creditors at the time of the first payment.


  1. If there are any residual assets, or new assets are found, additional payment will be made. Additional investigation for lost BTC will be implemented.

At the time of the first payment, the existence of some claims may still be disputed; therefore, it is expected that certain assets would have to be reserved at Mt. Gox until the amount of those disputed claims is fixed. In this case, we consider that those assets so reserved should be paid to creditors as additional payment.

Conversely, we think that payment should not be reserved until all of the assets/debts are fixed. Early payment should be realized by paying most of the assets that Mt. Gox has at hand to creditors as the first payment, as soon as possible, and then paying those assets/debts that are yet to be fixed, as additional payment.

With regard to additional payment, we think that a scheme should also be considered to realize additional payment promptly, under which additional payment should be made by fixing the amounts of the non-fixed assets/debts by transferring them to third parties, instead of waiting for all such amounts to be fixed.

Additionally, the investigation and recovery of lost BTC is a concern for a lot of creditors and the additional investigation should be carried out at the expense of Mt. Gox for the sake of uncovering the truth and increasing the estate and therefore increasing repayment to creditors.


  1. No sponsor will be selected in principle except where it is apparent that such a selection would be advantageous to creditors.

There may be an opinion that we should find a company to support Mt. Gox financially and commercially (“sponsor”). However, Mt. Gox has already suspended its business, and does not require a sponsor to supplement its creditworthiness or to continue its operations.  It is not necessarily a requirement under the rehabilitation law of Japan to appoint a sponsor, although it is common, and we are of the opinion that a rehabilitation plan can be approved by the courts and creditors without a sponsor in this case.  In addition, a certain period of time would be required to find a sponsor, and a proxy fight may occur if there is more than one sponsor candidate.  Such a situation may become an obstacle to the achievement of the purpose we consider most important, namely, early payment to creditors.  We do not intend to completely reject the option of finding a sponsor; however, we are of the opinion that a sponsor should not be selected except where it is apparent that such a selection would be advantageous to creditors and would not be an obstacle to early payment.


  1. The introduction of systems which allow creditors to obtain their trading records, etc. and other measures will be taken by Mt. Gox.

For creditors, the accessibility to their trading record is indispensable for the approval or disapproval of civil rehabilitation plan. We are going to ask the trustee to take measures such as the introduction of systems which allow us to obtain the trading records.


我々が現在検討している再生計画案の基本方針は、2018年8月1日時点で以下のとおりです。前回の案に対しては、多くの債権者(Andy Pag氏によって主催されるMtGoxLegal等)の方の様々な意見を頂いており、それを踏まえて改訂したものです。主な変更点は赤字で表示しています。





  1. 再生計画案はシンプルかつ履行確実性が高いものにする。





  1. 株主に対する分配は行わない。



  1. BTC返還請求権に係る債権に対しては、原則として、BTCとその派生物(BCH)により弁済する。








4. 金銭債権者に対する保護




  1. 債権者に対する第1回弁済は、再生計画認可決定確定後(再生手続開始決定記載のスケジュールどおり進めば2019年5~6月頃)、速やかに行う。




  1. 残余財産が生じる場合に追加配当を行う。財団の費用負担において消失したBTC回復のための調査を行う。






  1. スポンサーの選定は、債権者にとってメリットがあることが明らかな場合を除き、原則として行わない。



  1. 債権者の取引履歴等の取得が可能になるようなシステム導入等の措置を講じる。