Fundraiser June 2020

Last month, in May, we started a pre-fundraiser, not to run out of money before we could start a proper fundraiser. Now we are in a position to do a proper fundraiser, meaning we have a non-profit organisation (NPO) set up and a new banking relationship in the NPO’s name.

We have been able to stretch out our funds longer than expected, but our Japanese lawyer Sekido-san flagged on the 17th of June that he is likely to hit the budgetary cap we have given him, while working on the recent batch of questions. This cap includes what was raised in the pre-fundraiser. That means that, after paying for the work that Sekido has recently done (Sekido on draft CR plan #3 linked below), we have approximately $1000 remaining as a buffer to keep the site and forum open.

Please read the analysis provided by Sekido-san on the draft civil rehabilitation (CR) plan published by the Trustee earlier this year:

The purpose of the fundraiser is to have funds for:

  1. Continue to use Sekido-san now during CR plan analysis/processing and through the process of plan approval and voting. Hopefully, we do not have to fight against competing CR plans, but we never know. Being able to reach out directly to the Trustee through Sekido-san, if required.
    ($75,000 budgeted from 3 full days per month for 7 months)
  2. Assign Sekido-san to provide an analysis of the current status of the Coinlab case.
    ($7000, budgeted from approx. 15 hours of work)
  3. Send the Coordinator (or another Board member) to the next creditors meeting.
  4. General operating costs of running the site, the NPO and keeping the forum open for 12 months minimum.

Total target: $86,000

Please note that any other possible tasks for MGL, not directly related to the CR process in Japan, would be funded by separate for-purpose fundraisers. Also please be assured that all donations are going to the above stated purpose. No one working for MGL takes a salary (as was in the past).

It was quite a long time ago since we did the last fundraiser so it is difficult to predict how we can reach the target. Regardless, in previous fundraisers we have used the recommendation of 1-2 GBP/BTC. And based on that, I recommend as a guidance to start with 1.5 to 2.5 USD/BTC.

Please read more about the fundraiser and consider donating if you would like to continue to support MGL’s work and help us get over the finishing line (CR pay-out). Without your donation we cannot continue to engage Sekido-san.

Forum post about fundraiser:

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