Law360 covered bitcoin company CoinLab Inc.'s agreement to support U.S. bankruptcy protection for Mt. Gox Co. Ltd., after making a deal with the defunct Japanese bitcoin exchange to protect CoinLab's claims in the case. Mt. Gox and CoinLab entered into a joint stipulation that outlined protections for CoinLab, including CoinLab's objections to a proposed reorganization plan that would turn control of Mt. Gox over to investor group Sunlot Holdings Ltd.
"Sunlot would effectively replace the bankruptcy proceeding with its own privately controlled process, and would largely assume the role held by Nobuaki Kobayashi, the trustee in the debtor's Japanese bankruptcy case, as to substantially all estate assets – for the benefit of only select depositors as determined by Sunlot," CoinLab said.
Gardere Attorneys Marcus Helt and Thomas C. Scannell represented Nobuaki Kobayashi.
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