One of Mt. Gox’s creditors and former operations manager both in the United States and Canada has filed an objection to a bold plan from Sunlot Holdings that would see the company reviving the disgraced exchange and promising to pay back investors who lost money.
They’re Seattle-based CoinLab, and they got themselves into an agreement with Mt. Gox in late 2012. Their role? Handle the sale and exchange of bitcoin for Mt. Gox investors in North America (Mexico excluded).
As pointed out by CoinDesk, the company later filed a lawsuit against Mt. Gox with the complaint the the Tokyo-based exchange did not fulfill their end of the agreement by providing CoinLab by providing enough resources to make the agreement work.
Today’s objection included that Sunlot’s proposal doesn’t take the claims of unsecured creditors — of which include CoinLab — into account in their plan, and will need additional consideration before anything is made final.
The objection reads:
Until it receives full assurances that its rights and defenses will be protected, CoinLab is compelled to seek to protect its interests now, before the flawed Sunlot Proposal (and procedural evasion) can gain an unfair advantage.
Interestingly enough, CoinLab added they they would be better suited to taking over the exchange, given its history with Mt. Gox. Not only that, but the company reminds the world that their agreement to service Gox investors in the United States is still active.
The objection didn’t come without retort, however.
Lawyers representing class action lawsuits against Mt. Gox fired back at CoinLab:
CoinLab is factually and legally wrong and seems only to trying to influence the orderly procedures of both the Class Action Litigation and the Japanese court system. CoinLab seems to be doing this because it views itself as a competitor to Sunlot and wants to bid.
So essentially what we have is a situation where CoinLab doesn’t want to see Sunlot get involved with Mt. Gox, and Sunlot doesn’t want CoinLab to get involved, either.
Our friends at CoinDesk have a great write-up on this with additional information, which you can read here.