Mt.Gox Will Reportedly File For Liquidation Instead Of Bankruptcy


Mt.Gox has filed for liquidation in a Tokyo court instead of going forward with its plans to rebuild under bankruptcy protection, according to a report in the Wall Street Journal .

The newspaper’s sources said that Mt.Gox decided to abandon its previous plan for rehabilitation because it was too complex and unrealistic, but that it still hopes a buyer for the exchange can be found. If Mt.Gox does indeed file for liquidation, however, it makes it even more unlikely that creditors will recover all of their assets.

Mark Karpeles, the founder of Mt.Gox, said yesterday that he would not travel to the U.S. in response to a subpoena from the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Karpeles’ lawyer said he wanted to first find legal representation in respect to FinCEN’s questions.

Mt.Gox’s site still displays a notice in Japanese and English telling visitors that it is pursuing…

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