Four hedge funds from the US and Japan have begun the process of buying or offering to buy claims from former MtGox clients at 15% of the yen value of the claim, in cash. This is 40% lower than the expected eventual repayment from the court (at 25% of the value of the claims), but it might be worth it if you don’t want to wait a year or more as the case is not expected to be settled any time before that.
The hedge funds are betting on bitcoin gaining value, which it has, considerably since the claims were lodged in the aftermath of Mt Gox’s failure. The hope is to strike a lucrative windfall when the process of distributing payouts to claimants begins.
Deutsche Bank is putting a scare into the financial world Thursday as reports have surfaced of some fund managers cutting exposure to Europe’s largest investment bank.
A Bloomberg report that about 10 hedge funds that clear derivatives trades with Deutsche, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had withdrawn some excess cash and adjusted positions held at the lender because of concerns over its problems, citing an internal document.
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