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Enzon Pharmaceuticals Inc. Message Board

  • moses.genius moses.genius Jun 8, 2013 9:39 AM Flag

    Why not just form a class action suit against the BOD???

    Does anyone have Attorney contacts??

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    • moses, I noted in a previous post I had spent a couple of weeks in a give-and-take with one of the leading firms that handles this kind of action (Milberg), they claimed they had too much on their plate currently to take it on. I believe Milberg looked at the facts, material I had sent them and form their own finding, and although they thought there was definitely fraud, they concluded 1) proving it would require significant effort, and 2) from a fee point of view this was not a blockbuster opportunity.

      Bottom-line, my take was that the upside money just wasn't attractive enough for them get involved.

      A class action fee is typically between 20-30% of the plaintiffs' recovered value, the actual fees is set by the judge. To get a handle on the fee, here's a simplistic hypothetical scenario, suppose a class action suit on behalf of shareholders (holding lets say for the whole roughly 20m shares, i.e., non 5%ers or insiders) was brought and settled, and a net per share gain of $3 was realized by the plaintiffs. That would mean that the most the law firm could expect to earn would be $18m. Cut the per share gain, or the number of plaintiff shares down, and that might be $9m. I gather for these kinds of cases for the top firms, that's not particularly attractive.

      Of course the easier it is to prove the case, the more attractive it would become.

      I have the name of another highly recommended firm, and I will approach them in the next few weeks. In the meantime I will continue to explore the various approaches to proving fraud or establishing corporate malfeasance in the sale of the IP. I encourage others to pursing legal actions, and to the extent we can work together all the better.

      I have previously proposed the interested onto the alterative site, it has better facilities for on-to-on messaging, and frankly better mb utilities than yahoo, from there we discuss a protocol for making our acquaintance, and pursue discussions.

 
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