Mt. Gox's Chapter 15 Bid Wins Texas Judge's Approval

Law360, San Francisco (June 17, 2014, 8:04 PM EDT) -- A Texas federal bankruptcy judge on Tuesday approved Japan-based bitcoin exchange Mt. Gox's petition for Chapter 15 bankruptcy, a decision that will provide the exchange some protection in United States court while it continues its primary insolvency proceedings in Tokyo court.

U.S. District Court Bankruptcy Judge Stacey G. Jernigan granted recognition to Mt. Gox's petition for Chapter 15 bankruptcy after an evidentiary hearing Tuesday, noting in the court record that the Japanese court would have the authority to examine witnesses, take evidence and handle at least some of the exchange's United States assets.

David Molton of Brown Rudnick LLP, representing Mt....

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