Creditors’ Committee Pre-announcement and Roadmap

Most of the work required to launch has now been done and we have a fairly solid plan of the legal process. We still have work to do in unifying our approach.

So far the committee members are: Kolin Burges, Daniel Kelman, Josh Jones, plus an unconfirmed other. These are the founding members who are getting this thing off the ground, and any participation as voting members will be discussed during the consultation period. Kim Nilsson will be an advisor. We will appoint more committee members during the consultation period, this will be done with creditor participation and based around the aim of diversity of representation.

Edit – due to recent additions to the team, the details below are now back under review and not yet agreed with all current members.

Purpose

The primary aims are to represent the interests of all creditors, and to push for a speedy and fair distribution. There are a number of novel ideas on the table for dealing with the bankruptcy problems but the court is unlikely to approve of novel proposals unless they can be shown to be backed by a very large number of people. The committee will be able to submit such proposals with a much larger degree of authority than individuals could.

Diversity

Diversity is absolutely critical. The committee will be representing the interests of ALL types of creditors. We need support from the majority of creditors in order to be formally recognised by the court as a creditors’ committee. We will be taking feedback on our diversity and using that to help select more members.

Independence

The committee will be an independent structure, not directly connected with mtgoxprotest.com or any other entity. Our independence is very important as we must demonstrate that we will be representing creditors fairly. We will put a structure in place to help ensure this and to allow creditors to feedback with any concerns.

Constitution

The committee is producing a constitution, which is a binding representation of our position and the values by which we intend to act. It’s used as a check to bind us to the same set of expectations that creditors signed up for. We will present an initial draft constitution at stage 1 and it will be updated and fine-tuned using creditor feedback until stage 2 begins, at which point it will be set in stone.

Funding and costs

The committee’s ethos is that it will always be completely free to be represented by the committee. The starting legal expenses were covered by the founding members. At some point we may request voluntary donations to help cover expenses, however we don’t expect a high level of expenses.

Roadmap

STAGE 1 (Approximately 2 weeks from now)

Official kick-off! Open website and begin signups. The draft constitution will be available on the site, along with committee member profiles.

Consultation period (Pencilled in to be approximately 4-5 weeks in length, but in reality this will last as long as it lasts)

  • Creditor feedback on the constitution
  • Creditor feedback on any concerns about diversity of representation
  • General questions and feedback

STAGE 2  Begin verification process

STAGE 3  Process verified signups and present to court

 

 

2 thoughts on “Creditors’ Committee Pre-announcement and Roadmap

  1. I was of the understanding that when an entity declares bankruptcy, then the assets of that company are liquidated/sold at the market price then proceeds are divided among creditors and shareholders. My question is have the company assets/bitcoins been sold yet?

    Like

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