Bitcoin Exchange Mt. Gox Seeks US Bankruptcy Relief

Law360, New York (March 10, 2014, 1:50 PM EDT) -- Japanese bitcoin exchange Mt. Gox sought Chapter 15 protection in Texas on Sunday, saying it needed to halt two pending lawsuits in the U.S. while it sorts out its financial affairs through its main bankruptcy proceeding in Tokyo.

Mt. Gox CEO Robert Marie Mark Karpeles said in court papers that the exchange is seeking Chapter 15 recognition of its main proceeding in Japan so that it can focus on maximizing recoveries to its creditors. Karpeles is also asking that the Texas bankruptcy court where the petition...
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