????重組方案必須獲得大多數(shù)債權(quán)人的投票支持?？紤]到早在Mt. Gox破產(chǎn)的消息傳出之前，外界對Mt. Gox和馬克?卡佩勒斯就已經(jīng)產(chǎn)生了不信任感，債權(quán)人完全有可能拒絕重組方案，而更傾向于破產(chǎn)清算。

????不過永井一彰也指出，在日本的民事再生案件里，“國際債權(quán)人一般很難獲得信息，也很難參加債權(quán)人會議?！本退悴豢紤]語言和距離的障礙，日本的法律程序也不像美國這樣公開透明。比如破產(chǎn)文件一般不會向社會公開，但是對此感興趣的有關(guān)方面包括債權(quán)人還是能通過特殊要求獲得破產(chǎn)文件的復(fù)件印。

????即使國際債權(quán)人無法參與重組方案的投票，對于那些不放心卡佩勒斯人品的債權(quán)人和想挽回?fù)p失的儲戶們來說，他們也不用擔(dān)心卡佩勒斯會在重組后的公司擔(dān)任重要角色。永井一彰指出，在日本的重組程序下，“對破產(chǎn)負(fù)有責(zé)任的高層人員通常要么會辭職，要么會失去管理公司的能力?！毕鄳?yīng)地，權(quán)力會轉(zhuǎn)讓給法務(wù)團(tuán)隊、贊助銀行以及不直接對破產(chǎn)負(fù)有責(zé)任的管理人員等。

????日本企業(yè)破產(chǎn)重組的規(guī)劃和審批過程一般需要六個月左右，不過Mt. Gox一案的復(fù)雜性可能再次會拖慢這個過程。Mt.Gox另一個要逾越的障礙是，找到一家愿意資助其重組的贊助機(jī)構(gòu)——這個角色通常由一家銀行來扮演。由于此案的水又深又渾，Mt. Gox估計很難找到這樣一家愿意幫它重新站起來的機(jī)構(gòu)。

????民事訴訟對債權(quán)人的影響

????不過對于損失慘重的各國債權(quán)人或者把比特幣委托給Mt. Gox交易的散戶來說，Mt. Gox的重組與他們的直接關(guān)系并不大，他們最終還是必須尋求通過訴諸民事訴訟來挽回?fù)p失。

????Mt. Gox發(fā)布的數(shù)據(jù)似乎表明，Mt. Gox公司把它托管的現(xiàn)有比特幣和現(xiàn)金都算成了自己的資產(chǎn)。但是Scarinci& Hollenbeck公司的破產(chǎn)專家喬?格魯克斯曼指出，這與國際金融的基本原則是矛盾的?！叭绻屹I了一支股票，然后把它放在一個保險箱里，再把保險箱放在瑞銀的一個銀行，并不等于它是瑞銀的資產(chǎn)?！睋Q句話說，Mt. Gox客戶賬戶里的現(xiàn)金和比特幣無論如何也談不上是Mt. Gox的合法資產(chǎn)，而且也不能在破產(chǎn)中還給債務(wù)人或債權(quán)人。

????倫敦Selachii公司發(fā)起的集體訴訟一是要追回Selachii客戶的財產(chǎn)，二是要查清這些財產(chǎn)去了哪里。這家公司的理查德?豪利特沈括：“大家都認(rèn)為Mt. Gox的破產(chǎn)過程很可疑。雖然他們在申請破產(chǎn)，但是很多人都提出了很多疑問，而且得不到答案。”

????

????The proposal will need approval from a majority of creditors. Given the distrust directed at Mt.Gox and Mark Karpeles even before the revelation of insolvency, it seems entirely possible that creditors will reject any restructuring bid in favor of liquidation.

????However, Nagai warns, "In practice it's difficult for international creditors to get information or to take part in the creditors meetings" in a civil rehabilitation case. Even leaving aside barriers of language and distance, Japanese legal processes are less public and transparent than those in the United States. For instance, bankruptcy documents are not generally available to the public, though interested parties, including creditors, can obtain copies by special request.

????Even if they are not able to vote on the restructuring plan, creditors and depositors skeptical of Mt.Gox management can be reassured that Mark Karpeles is unlikely to retain a meaningful role. Under civil rehabilitation, says Nagai, "It's usual that management who have responsibility for [the] bankruptcy will quit or lose their ability to manage the company." That responsibility devolves to their legal team, any sponsoring lenders, and members of management not directly responsible for the bankruptcy.

????The process of planning and approving a restructuring generally takes about six months in Japan, though again, the complexity of the Mt. Gox case may slow that. Another unusually high hurdle is the likely necessity and difficulty of Mt.Gox locating a sponsor organization willing to fund its restructuring -- a role commonly taken by a bank. Given the very murky circumstances and lack of information surrounding its fall, Mt.Gox may have serious difficulty locating an institution willing to back its attempt to return to solvency.

????Civil suits for depositors

????But little of this is directly relevant for depositors who have may have lost dollars, euro, yen, or bitcoin held in trust by Mt.Gox, who will have to seek restitution through civil litigation.

????Numbers released by Mt.Gox seem to indicate that they are counting as assets all bitcoin and cash holdings that have remained intact. But Joe Gluxman, a bankruptcy specialist with the firm Scarinci& Hollenbeck, points out that this contradicts basic principles of international finance. "If I buy a share of stock and put it in a safe deposit box at a bank owned by UBS, it doesn't belong to UBS." In other words, cash or bitcoin linked to Mt. Gox customer accounts are not in any sense legal assets of Mt. Gox, and are not subject to recovery by debtors or depositors through bankruptcy.

????The Selachii class action suit is aimed both at recovery of Mt. Gox customer property, and discovery of where the assets went. (Applications for inclusion close at 4 p.m. GMT on Friday, March 7.) "The general consensus was that the way Mt. Gox went down was suspicious. Whilst they're filing for bankruptcy, lots of people are asking a lot of questions and can't get answers," says the firm's Richard Howlett.