Macdonald | Fernandez LLP


221 Sansome Street
San Francisco, CA 94104
Telephone: (415) 362-0449
Facsimile: (415) 394-5544
914 Thirteenth Street
Modesto, CA 95354
Telephone: (209)549-7949
Facsimile: (209) 236-0172

Friday, April 25, 2014

Embattled Bitcoin Exchange Mt. Gox to Liquidate Following Pressure in U.S. Chapter 15 Case

Mt. Gox is headed to liquidation.  Mt. Gox is a Japanese Bitcoin exchange that misplaced $620 million in Bitcoins.  It commenced civil rehabilitation proceedings in Japan (similar to a reorganization under chapter 11 of the Bankruptcy Code) and filed a case under chapter 15 of the Bankruptcy Code in Texas.  Later, Mt. Gox found $116 million of the missing Bitcoins.
Mt. Gox’s civil rehabilitation proceeding was dismissed on April 16, 2014.  A liquidation under Japanese law has begun, and an interim administrator has been appointed.
This move to liquidate began in the U.S., where the bankruptcy court ordered CEO Mark Karpeles to appear in Texas and testify as to statements made in the documents commencing the chapter 15 case.  Also, the Treasury Department’s Financial Crimes Enforcement Network summoned him to appear and testify in Washington DC.
Mt. Gox expressed concern that the chapter 15 case might be dismissed if Karpeles remained in control of the company and refused to testify, as he had decided.  Accordingly, the Japanese proceedings were shifted to a liquidation and an interim administrator was appointed.  The U.S. bankruptcy judge has encourages the interim administrator to participate in the chapter 15 proceedings and postponed the date for Karpeles’s testimony to a date to be determined.

Tuesday, April 22, 2014

Bankruptcy Pitfalls for Litigators

Today, Iain A. Macdonald will be speaking on "Bankruptcy Pitfalls for Litigators," a program of the Barristers Club of San Francisco, at noon at 301 Battery Street, San Francisco, California.

Wednesday, April 16, 2014

New Officers for BASF Commercial Law & Bankruptcy Section

The Commercial Law & Bankruptcy Section of the Bar Association of San Francisco has announced its new slate of officers and members of its executive committee, who are as follows:

     Chair:  Reno Fernandez
     Vice Chair:  Gregg Ficks
     Treasurer:  Shane Moses
     Secretary:  Ivo Keller
     Executive Committee:  Suzanne Martindale, Scott McNutt and Greg Rougeau.

Check out their homepage here.

Friday, April 4, 2014

Introducing Tracy Hope Davis, Newly Appointed United States Trustee for Region 17

Reno Fernandez is pleased to be introducing Tracy Hope Davis, newly appointed United States Trustee for Region 17, to the BASF Commercial Law & Bankruptcy Section at a program and white-linen lunch to be held at the City Club on Tuesday, April 8, 2014.

Introduction of the United States Trustee and a Summary of Program Priorities 

Tuesday, April 8, 2014
Noon to 1:30 pm

City Club of San Francisco
155 Sansome Street
San Francisco, California


Tracy Hope Davis
United States Trustee
Region 17

Donna Tamanaha
Assistant United States Trustee

Scott McNutt, Moderator
McNutt Law Group, LLP


• Introduction of Tracy Hope Davis as U.S. Trustee
• Summary of Program Priorities
• Question, Answer and Discussion Session

Section Chair: Reno Fernandez, Macdonald | Fernandez LLP

Walk-ins are welcome, but you are encouraged to RSVP here as space will be limited.