Altcoin News: Investment Group Fortress Redeems Claims of Creditors Mt Gox for $900 per Bitcoin

July 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The investment group Fortress has expressed its readiness to acquire rights to Bitcoins, payments of which continue to be expected by creditors of the Mt Gox cryptocurrency exchange that has ceased to exist.

In a letter to creditors, Fortress Managing Director Michael Hourigan reports:

“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 argues that the set cost of $900 is fair for both Fortress and the investors themselves. At the same time, it makes about 7% of the current Bitcoin market price above $12,500.

Former leader of the group of creditors of Mt Gox, Andy Pag, in April announced that he had sold his share of an unnamed company at $600 for Bitcoin.

Fortress has long been active in the cryptocurrency space and, presumably, intended to open an investment Bitcoin fund back in 2013 — until the bankruptcy of Mt Gox. Former Fortress investor director Mike Novogratz now owns its own cryptocurrency merchant bank Galaxy Digital.

Mt Gox creditors, meanwhile, continue to expect the completion of the civilian rehabilitation of the exchange, initiated last year, to receive payments due to them in Bitcoins and not in fiat equivalent at the rate at the close of the trading floor, as was the case during the procedure bankruptcy.

Author: Marko Vidrih