A bitcoin business that planned to use the blueprints for the once-successful Japanese bitcoin exchange Mt. Gox couldn't convince a bankruptcy judge on Tuesday that an early sale proposal to salvage the frozen exchange is being unfairly executed.

At a hearing in U.S. Bankruptcy Court in Dallas, Judge Stacey Jernigan rejected complaints raised by CoinLab Inc., which has sued Mt. Gox for $75 million after their licensing agreement fell apart and recently complained that a purchase offer from investor group Sunlot Holdings could be forced upon Mt. Gox customers "without any real scrutiny."

At Tuesday's hearing, Mt. Gox's lawyers told Judge Jernigan that a team of financial professionals in charge of the exchange, led by Nobuaki Kobayashi, hasn't committed to the Sunlot deal and is still open to other proposals—statements that seemed to diffuse CoinLab's allegations.

Mt. Gox filed for bankruptcy in February and suspended trading after announcing that it lost about 850,000 bitcoins, or roughly 7% of the world's bitcoins with a value of $473 million. Mr. Kobayashi may look for buyers for Mt. Gox's technology to raise money for its debts.

In court papers, lawyers for CoinLab, a Seattle business that is trying to make digital currencies like bitcoin more popular, said that it can offer a "more competitive bid" than Sunlot. CoinLab officials said that they might be able to find Mt. Gox's missing bitcoins more cheaply than Sunlot, which is proposing to take a cut of any bitcoins that are recovered.