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On Second Thought, CoinLab Thinks That Mt. Gox Should Take Whatever It Can Get

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The company, which would like $75 million because it had a deal to license the former Magic: The Gathering Online Exchange’s formerly valuable bitcoin exchange architecture before said architecture shown to be somewhat shoddy, won’t try to stop some other idiots from buying what’s left of Mt. Gox and then trying to get its fair share.

Lawyers for CoinLab said in court papers Friday that they wouldn't object to Mt. Gox's formal request for U.S. bankruptcy protection, despite earlier hints that they might challenge that request. Court documents offered no explanation for CoinLab's decision….

Before Mt. Gox's financial troubles, CoinLab signed a licensing agreement to use the blueprints for Mt. Gox's once-successful bitcoin exchange, but sued it for $75 million when that deal fell apart. The lawsuit was put on hold with Mt. Gox's bankruptcy filing. At a hearing last month, CoinLab lawyers tried to convince a bankruptcy judge that a purchase offer from investor group Sunlot Holdings could be forced upon Mt. Gox customers "without any real scrutiny."

CoinLab Agrees to Support Mt. Gox’s U.S. Bankruptcy Efforts [WSJ]


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