PE Giant Fortress Offers $900 Per BTC for Mt. Gox Creditors

[ChainDD report] July 10 (ChainDD) According to a copy letter obtained by CoinDesk, Michael Hourigan, a managing director of US private equity giant Fortress Investment, told creditors of the defunct former largest Bitcoin exchange Mt.Gox that he will buy Bitcoin (BTC) claims for a BTC investment vehicle that Fortress operates.

““We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation,” Hourigan wrote.

It seems a good deal for Fortress since BTC now traded around $13,000 per ChainDD’s market tracking indicators. While it is also fair for creditors. CoinDesk said Andy Pag, a former creditor announced in April, 2019 that he sold claims to a New York-based investment institution at $600 per BTC.

ChainDD’s previous news said Mt. Gox entered civil rehabilitation status from last year. If it files rehabilitation plan with the court, its trustee will begin to pay out creditors in form of BTC and Bitcoin Cash (BCH) five or six months after his filing rehabilitation plan as scheduled. In April, 2019, Mt. Gox announced the Tokyo District Court has approved to extend the submission deadline of rehabilitation plan to October 28, 2019.

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