Andy Pag, the Founder and Administrator of Mt. Gox Legal, spoke about the claims made by CoinLab, in an interview with Peter McCormack on WhatBitcoinDid. During the interview, Pag was asked whether the claim was high because CoinLab wanted to block out the potential future value of the entire holding.
To this, Pag stated that the total Bitcoin assets’ value that was going to be given to the creditors was roughly $1.5 billion, considering the largest cryptocurrency’s volatile market. Taking this into consideration, he stated that CoinLab resubmitted a claim of $16 billion, clear of the fact that that their claim was not going to be approved. However, there was “some thought process” that went into that massive claim as they could not have “just stumbled across [that] number”, added Pag. He further said,
[…] the number $16 billion coincides with $20,000, the all-time high for Bitcoin price, multiplied by 800,000 Bitcoin, which is the total amount of Bitcoin being claimed by creditors [..] or they happen to have chosen a number that matches exactly the amount the best case claim that all creditors put together could have […]”
This was followed by Pag speaking about the impact this claim would have on proceedings. He stated that voting rights would be based on the size of claims. The party with the largest amount of claims had “more say in how things were done”, he added. Pag went on to state that when a creditor had “basically 16 times more” voting power compared to the rest, “then clearly [they] get to dictate”. In his words,
“[…] until the trustee is in a position where you can say this is actually what CoinLab’s claim is worth […] even if you give [CoinLab] 50% of the voting rights they still have eight times more voting power then everybody else combined. So, it makes a mockery of the process and its groundless to a halt”
Pag further stated that it was “frustrating” because the initial deadline was supposed to be towards the end of April, and now nobody knew how long the settlement would take. He stated,
“[…] I’ve got my views and they are my opinions and views and I want to make that clear to anyone that’s listening to this and thinking about what their options are that I’m offering this is a personal set of views […] but my view is that it’s going to take between at least 18 to 24 months there’s a good chance it will take longer than that.”
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