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Coinlab Inc. v. Mt Gox KK

United States District Court, W.D. Washington

April 30, 2014

COINLAB INC, Plaintiff,
v.
MT GOX KK, et al., Defendants

Page 577

For Coinlab Inc, a Delaware Corporation, Plaintiff: Edgar Guy Sargent, Floyd G Short, Lindsey N Godfrey-Eccles, LEAD ATTORNEYS, Kristin Malone, SUSMAN GODFREY (WA), SEATTLE, WA; Roger M Townsend, LEAD ATTORNEY, BRESKIN JOHNSON & TOWNSEND PLLC, SEATTLE, WA.

For Mt Gox KK, a Japanese corporation, Defendant, Counter Claimant: Daniel G Valles, Tod L Gamlen, LEAD ATTORNEYS, PRO HAC VICE, BAKER & MCKENZIE LLP, PALO ALTO, CA; Joseph B. Genster, Louis David Peterson, HILLIS CLARK MARTIN & PETERSON, SEATTLE, WA.

Tibanne KK, a Japanese corporation, Defendant, Pro se, Shibuya-Ku, Tokyo, Japan.

For Coinlab Inc, a Delaware Corporation, Counter Defendant; Edgar Guy Sargent, Floyd G Short, Lindsey N Godfrey-Eccles, LEAD ATTORNEYS, SUSMAN GODFREY (WA), SEATTLE, WA; Roger M Townsend, LEAD ATTORNEY, BRESKIN JOHNSON & TOWNSEND PLLC, SEATTLE, WA.

OPINION

Page 578

ORDER STAYING THE ACTION

Marsha J. Pechman, Chief United States District Judge.

THIS MATTER comes before the Court on Defendant Mt. Gox KK's (" Mt. Gox" ) Motion to Stay Entire Action. (Dkt. No. 41.) Plaintiff CoinLab, Inc. (" CoinLab" ) opposes the motion, arguing the action against Defendant Tibanne KK (" Tibanne" ) should proceed. The Court considered the motion, the response (Dkt. No. 49), the reply (Dkt. No. 54), and all related documents. The Court GRANTS Mt. Gox's motion in order to provide fairness to all Parties and promote efficiency.

Background

This case involves a license agreement between CoinLab and Defendants, Mt. Gox and Tibanne, relating to Bitcoin, a digital currency. CoinLab is " engaged in the operation and development of Bitcoin and other software and technology products, services and platforms." (Dkt. No. 42-2 at 2.) Mt. Gox is " a Bitcoin exchange and financial services business." (Id.) Tibanne is Mt. Gox's parent. (Dkt. No. 48-3 at 8.) CoinLab sued Mt. Gox and Tibanne in May 2013, claiming breach of contract, breach of implied duty of good faith and fair dealing, accounting, and restitution. (Dkt. Nos. 1, 29.) Mt. Gox and Tibanne jointly filed an answer denying violating the Agreement and allege the Agreement is unenforceable. (Dkt. Nos. 18, 31.)

The present motion concerns Mt. Gox's recent filing for bankruptcy protection. In February 2014, it filed for Chapter 15 bankruptcy protection in Tokyo District Court in Japan. (Dkt. No. 42-8.) It then filed for recognition in the United States Bankruptcy Court for the Northern District of Texas. (Dkt. No. 37.) In March 2014, the U.S. bankruptcy court found it had jurisdiction over the matter, and an automatic stay took effect pursuant to section 362 of the Bankruptcy Code. (Dkt. No. 42-10 at 3; Dkt. No. 37.) Mt. Gox moves the Court to stay the entire action pending resolution of its bankruptcy petition. (Dkt. No. 41.) Defendant Tibanne joins in the motion. (Dkt. No. 43.)

Discussion/Analysis


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