Selachii LLP Consolidates Its Position As UK’s Leading ...

Sellachi LLP vs MtGox, Discussion of fee

note: I am just trying to help the people who got goxed not advertise any particular law firm. Resources are posted first:
x post from: https://bitcointalk.org/index.php?topic=507274.0
background history on Selachii LLP:
http://imgur.com/XJg8Rxe source: http://wck2.companieshouse.gov.uk/ & search Selachii
'bitcoinsolicitor' on reddit i assume = Selachii representative
link given by selachii to confirm their background/experience:
http://www.sra.org.uk/solicitors/firm-based-authorisation/abs-registe597443.page
links to other related threads:
http://www.reddit.com/MtGox/comments/1zn09i/selachii_trustworthy/
A concerning review on selachii directors brought to our attention by http://www.reddit.com/useDonutmuncher:
"I read the whole thread on http://www.consumeractiongroup.co.uk/forum/showthread.php?367574-payday-loan-taken-out-2-years-ago-now-capital-credit-management-Lasker-International-taking-my-money/page4 when the Selachii directors were (allegedly) involved in debt collection.
It appears Richard Howlett (Capital Credit Management) was working behind the scenes with Simon Taylor (Lasker Int) to get debts paid back but denying they knew about each other. They both are directors of Selachii now. "
Selachii's letter to everyone:
Selachii LLP London 7th March 2014 www.selachii.co.uk
Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for fraud, negligence and/or breach of contract in Japan, the USA and/or England. Because of this, Selachii LLP are in advanced talks with Japanese and US lawyers with a view to combining resources and keeping costs to a minimum.
As Mt Gox have filed for bankruptcy protection in Japan, it is important to realise that establishing liability against the company may not necessarily result in the recovery of damages, a position which will be carefully monitored. As in all litigation, there is a cost risk for a Claimant if that Claimant were to lose the litigation. However, we are examining options for Insurance policies that would protect Claimants from such costs. Further and detailed advice from Counsel regarding appropriate litigation insurance and also the prospects of success of any claims will be forthcoming to clients in due course. However, more detail regarding the losses is required in order for us to provide this advice and guidance to clients.
A questionnaire has been prepared which will give sufficient information for every potential claim to be assessed quickly. Counsel will provide a full opinion on the merits and advice as to how matters should be taken forward by the 24th March 2014, or 7 days after receipt of the questionnaire, whichever is the later date. The fee for Counsel and Selachii LLP to initially build a case, obtain evidence and undertake fact finding will be 2 BTC per claimant.
This fee will also include:-
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is felt that at this stage, it will only be viable financially to claimants to join in the class actions if they have 7 BTC or more.
We would be grateful if each client who wishes to proceed would return the signed questionnaire and terms of business (with certified ID as per the questionnaire) by email and post. The claim will then be processed when funds on account of 2 BTC arrive (address TBA).
It is important for claimants to understand that a claim will only be issued if negotiations fail. If it becomes necessary to issue claims, consideration will be given to the filing of class actions in whichever jurisdiction is deemed appropriate for your case. At that stage a further quotation will be provided (if necessary) for the costs relating to litigation, although consideration will also be given to proceeding on a contingency fee basis.
My questions:
Sorry but i think this should be discussed, many young people in bitcoin are likely very new to the legal world:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
Anyone else have concerns please post.
So everyone knows, im assuming 'bitcoinsolicitor' is connected with Selachii LLP https://bitcointalk.org/index.php?action=profile;u=212314
Selachii response:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
Yes we have been contacted by approx 1000 people. We have people who have lost 1 BTC or less and others who have lost many thousand. For some people unfortunately our proposal will not be viable.
We may release a second proposal for smaller claims at a later date.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
This is impossible to accurately answer. If there are enough validated claims from a certain jurisdiction then there may be enough funds to issue a claim if necessary. If further funds are required then a new proposal will be provided.
Please note that the fee is not just for a potential group action and includes the following:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
Please see above. If Counsel have started work on your matter and advice has been provided then no refund would be due. It would be brilliant news if everyone was paid back by Mt Gox in two weeks Smiley
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Why does no one query this with fiat currency pricing? Often services and products are for sale for £10 or £100 or £9.99 or £99.99. Rarely do you see fixed fixed service prices at £9.34 or £913.45 etc
Obviously we did have a choice here when pricing our service.
We could have said £749.41 GBP (which is an odd number Smiley) and let people choose to pay with GBP or BTC.
FYI you can still pay the fee in GBP / Pound Sterling.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
Thank you - we think so too. It is not cheap to retain the services of a QC and Barrister to work on these matters. However it is simply not possible to guarantee success in any type of litigation.
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
As per above
Please note proposal includes:
(iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
The 2 BTC is for:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is not possible to advise of individual success of claims until Counsel have reviewed full details. This is why we have asked for the 'Information Questionnaire' and any documentary evidence of losses.
Insurance will only become relevant if a claim is issued. If this needs to happen a quote will be provided. The cost will be shared between claimants. More claimants = less to pay
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
What do you think is a fair fee?
Thank you for your questions and comments.
submitted by MarkKarp to Bitcoin [link] [comments]

Can you tell me about bitcoin?

Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for ... Selachii LLP have now received enquiries from more than 1,000 potential Claimants. following the collapse of the MT Gox Bitcoin exchange. We have retained the. services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to. pursue these claims. There are obvious advantages in costs for group action or actions . to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles ... London, UK -- Selachii - Whilst acting on behalf of their clients, Selachii LLP lawyers and solicitors have been protagonists in much publicised disputes that have resulted in - amongst others - the collapse of the Japanese Bitcoin exchange Mt GX, and two further Bitcoin exchanges in England . Richard Howlett , a leading partner at Selachii has continued to succeed in dealing with forming ... Proactive, tenacious solicitors delivering you the best outcome with the best service. At Selachii LLP, we do things a little differently. We offer the same level of experience and expertise as you would expect to find at a large city law firm but we do it with a smile, taking the time to get to know and really understand our clients. To find out more about how we can help you, contact us to ... Bitcoin ultimate wave target of 13 act for those who are victims selachii llp bitcoin solicitor in kensington money laundering and also those facing increible bitcoin a 11 money laundering claims. A typical fraud is to set up a false supplier account and then pay fictitious invoices from the fake supplier. The firm has a tenacious and entrepreneurial approach watch now the crypto crash or ...

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Can you tell me about bitcoin?

Richard Howlett solicitor at Selachii LLP in London briefly talks about bitcoin. Selachii LLP is the leading law firm for bitcoin in the UK. Our lawyers provide legal advice on: - Bitcoin ...

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