I knew you lost a lot of money on this, lixh, but a half a million? Sorry you were so damaged by these swindlers and please do not do anything rash. what on earth prompted you to invest so much? You, like JR ($87,000) and me ($36,000), unfortunately have very little coarse of recovery because of the inherent risk in investing in unsecured securities (sort of an oxymoron, huh?). Anyway, at least we should get some consolation prize.
HS! This docket item lists billing for Elliot Greenleaf for the month of June. They spent over $137,000! What is most alarming is the hours and billing rates (over $400 amd $600 per hour) for two individuals who are listed as SHAREHOLDERS! Now I understand their scam. What a circus this has turned into.
See Exhibit A as follows:
Name Postition Rate per hour Total
Kinsella, Shelley A. Shareholder 22.30 $ 450.00 $ 10,035.00
Zahralddin-Aravena, Rafael X. Shareholder 88.10 $ 610.00 $ 53,741.00
How does this happen?
True, if you don't take action, you will receive nothing. that will increase the distrubution to those that do take action. However, one should receive some kind of notiification in the mail if their contact information with their brokerage house is current.
If you don't take any action you will receive nothing. Important is that you (we) are aware when the claim can be entered and where it should be sent. Also you have to prove the number if shares you bought and sold within a certain period and the number you still got at the end if this period.so if somebody shaw coming solething, please inform us via this link.
It will be automatic or you will be notified to complete a verification form. Look for something around the end of the year.
Should have sold at .31, but who really knew the outcome for sure? Small money + cheap shares = a decent write off of capital gains. Not a big loss for me.
I purchased my shares through scottrade approx 70,000 shares, when the settlement is final and funds are distributed will they automatically fund my acct? How do we shareholders get our settlement money? TIA!
Well, a settlement has been offered to the major holders of the unsecured claims, namely the lawyers and auditors hired for the special audit committee that discovered AgFeed was cooking the books. Bottom line - it cost us shareholders $11,034,810 to have this work done. At about 64 million shares outstanding (I think it was that amount but it has been so long I may have forgotten) that is about 17 cents a share, or $1,845 of my hard earned money. I have to say, it wasn't worth any of it. I just can't believe these executives could spend $11M effing dollars on lawyers and auditors fees when they knew right off the bat that dealings in China weren't what they were supposed to be. The CEO should have stopped the audit efforts right at that point. What a sham (not a shame because we simply got swindled [mainly by the Chinese, but also by the AgFeed executives and their hired guns])!
I wonder how much of these claims were interest accrued on the lawyers and auditors fees prior to filing bankruptcy? Just in the 6 or 7 months since Latham and Watkins filed their claim, over $300,000 has accrued in interest. These fees were not paid because management wanted to conceal the whole charades from investors while they unwound their trades and devised a CYA. Total larceny! Now our only course of recovery is civil action against the executives who broke too many laws and securities regulations to even count. Who knows what will be left to the equity holders, especially after the class action is settled (I’m not sure, but the $11M may include the class action settlement). By settling, we save about $350,000 in interest on some of these claims since they were filed – whoop-de-doo!
All I am waiting for is a letter full of forms to fill out from the settlement agent...I doubt that will come until some hearings are held this month and next.
As to current shareholders, pretty much the same answer.
Meanwhile the lawyers continue eat up the bank balances.
It is to bad the whole process must be done behind closed doors and in secret. I would like to have seen a monthly update where everything stands ex. issue that remain to be resolved worked out. The only thing we get is the monthly bill from the lawyers. I thought everything was settled all that was left is to distribute the remaining cash.
Does it really take 4 lawyers and 3 more months to wrap this up? I could do it in a day. Lixh is so right about the debtors' lawyers being in bed with their clients. I just hope the judge denies the order and stops the shenanigans!