With news this week that disgraced bitcoin exchange Mt. Gox would be liquidated due to complexities in the rehabilitation process, it seemed like the story was just about over for the company.
U.S. investors are hoping to keep it going, it seems, attempting to convince a Japanese bankruptcy court to allow them to keep Mt. Gox alive and proceed with the rehabilitation process.
The investors have launched a website for their initiative aptly named ‘SaveGox.com‘, outlining their plan for a re-launch of the service with plans to establish a recovery fund to pay back investors who lost money in the February collapse of the exchange.
Newly formed Sunlot Holdings Ltd. is the company behind the big idea, and is led by entrepreneurs Brock Pierce and Jonathan Yantis and venture capitalists William Quigley and Matthew Roszak. Wall Street vet John Betts is also a member of the team.
The group states that Mt. Gox CEO Mark Karpeles was previously working with them on a plan to reestablish the business, but has seemingly changed his mind since.
“We believe Mark Karpeles has changed course in an effort to avoid personal liability, but in doing so has sacrificed your interests,” they said.
The investors have offered one bitcoin (about $500) to take over the company, citing extreme uncertainty over company assets and accounting.
“We are prepared to invest heavily in this business once we have conducted a full accounting of MtGox’s assets and legal liabilities,” it reads on the SaveGax website.
“This process will take time and patience. We need to work with the courts, and within the framework of the civil rehabilitation procedure, which can restrict what we communicate and when.”
Investors and creditors can submit personal information such how much money they’ve lost on the website in support of the movement. According to the Wall Street Journal, people familiar with the matter say that the plan has significant backing from a number of creditors.
[textmarker color=”C24000″]Source[/textmarker] Wall Street Journal.