MtGox creditor CoinLab agrees to support recognition of Japanese case

By Caroline Salls

Pittsburgh, June 9 – MtGox Co., Ltd. creditor CoinLab, Inc. agreed to support the company’s motion for U.S. court recognition of its Japanese bankruptcy proceedings, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

CoinLab also agreed not to object to the venue for MtGox’s Chapter 15 proceedings.

CoinLab reserved its rights to oppose any sales of assets or settlements involving assets that are allegedly free and clear of its asserted claims, intellectual property licenses, rights or defenses.

The creditor also reserved the right to file a venue transfer motion if another party files a venue transfer motion or challenges the current venue.

According to Monday’s filing, CoinLab claimed in a statement previously filed with the court that it is entitled to sufficient protection of its rights and defenses as a condition to Chapter 15 recognition.

MtGox’s foreign representative disputed CoinLab’s claims, arguing that they are irrelevant to the issue of granting recognition of the Japan proceeding and premature.

MtGox is a Tokyo-based online bitcoin exchange operator. The company filed Chapter 15 bankruptcy on March 9 under case number 14-31229.

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