Collapsed Mt. Gox’s holding firm plans to offer the trademarked word bitcoin for sale, a company executive said.
The firm hopes to generate as much as 100 million yuan or $1 million from sale of the bitcoin trademarks among others in Japan and the European Union. The bitcoins.com domain name will also be sold.
According to the Wall Street Journal, it’s not been disclosed as yet whether or not proceeds from sale of the trademarks will be used to payback Mt. Gox’s creditors.
The company executive said the trademarks were being disposed because they were no longer useful to Mt. Gox.
Tibanne, which is headed by Mt. Gox boss Mark Karpeles, successfully registered the bitcoin trademark in Japan and the EU in 2012, information from patent bodies in the respective regions showed.
Tibanne was essentially the controller of collapsed bitcoin exchange because Mt. Gox had no employees. The two firms share a physical office address in the Shibuya district of Tokyo.
Lawyers well versed with bankruptcy cases and who are not involved in the Mt.Gox’s case held the legal opinion that Tibanne is not required by law to repay the 127,000 creditors of the digital currency exchange.
If Tibanne fails to use proceeds from the sale to repay creditors of Mt. Gox, those who lost cash in the exchange are likely to be angered.
“Even though the company is not obligated to, it should repay customers with assets it has. That’s the way it should be. For anyone it’s obvious that Tibanne and Mt. Gox were operating as one company,” Keiichi Hida, one of the exchange’s creditors said.
But Japanese legal experts not involved in the case think it’s going to be difficult to reach a deal considering the name bitcoin was first created by an individual or group called Satoshi Nakamoto, RT said.
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To contact the reporter of this story; Deepak Tiwari at email@example.com