It seems that the Mt. Gox soap is nearly over. The US lawyer representing the country’s domestic exchange users, Jay Edelson, indicated that the plan was approved in a Northern District of Illinois court.
This gives a legal backbone to the claims that have been put forth by the clients that have suffered due to Mt. Gox. This ruling gives more weight and will probably be formally accepted in Japan.
According to Edelson: “The court granted our motion for preliminary approval of settlement and other proposals. We will now take it to Japan and seek approval from the Japanese Administrator.”
The proposal that was submitted jointly by the legal representation of the exchange’s international users, put forth class settling claims against former Mt. Gox chief marketing officer Gonzague Gay-Bouchery and equity stakeholder Jed McCaleb.
Sunlot Holdings placed a 1 BTC bid to buy out the troubled exchange. They would purchase Mt. Gox and its related liabilities and provide former users with a 16.5% equity stake in the new operation. This is also mentioned in the proposal. It seems like a fair deal so the ex-Mt. Gox users do get something in return for all their heart aches, stomach aches and sleepless nights.
However we will wait and see what the Japanese courts think about this proposal. To be continued.