I received 2 letters (2 different accounts). One on Saturday and one Monday. My recognized claims remain the same (I lost a bundle) but I'm excluded from any Bear Sterns monies. Bear Sterns settlement was chump change as we know. Anyone else receive letters like that?
It's your recognized claim that was reduced, not your "loss". I received a second letter also but the recognized claim was unchanged.
Look at the back side of the two letters and compare the summary of transactions. Any difference there may explain the reduction. Send the administrator a letter to document your original recognized claim.
I talked to claims yesterday. They indicated the first loss letter dated in November 2007 did not include any covered calls or puts. I used puts to purchase McKesson stock and this reduced my loss. I also made money on covered calls. Apparently, the first loss determination did not take into consideration puts or calls. The lawyers made the decisions to include puts and calls in loss determination sometime in 2008. I knew that the November 2007 loss letter put my loss greater than my real loss but I thought it was based on the timing of my McKesson purchases.
It looks like we get our first check in four weeks.