Is anyone here participating in (or have information regarding) shareholder class action suits versus PZN? I own a substantial position in PZN, and in what was CCA before that. I recall about a year ago all sorts of news about shareholder suits being filed. Only now am I recognizing that I may as well participate.
How does this sort of thing work - is there one "lead attorney?" How can I let them know that I want to participate?
I talked to investor relations and they told me they can't tell me anything. Same old song they have been singing while this whole silly mess has been unwinding. This time, it's related to the SI negotiations, and they can't show their cards (if they have any cards). This clusterf**k has gone on long enough. Doc leads us into yet another ambush.
I also spoke to IR, and got the same sorry story. This has turned into a cat and mouse game between Doc and the SI, and guess which of us is the mouse? (though I like to think of myself as a larger species) They are being "deliberately vague" in order to preserve their "leverage." If I were Doc (thank God I'm not), I would tell the bankers to screw themselves and forget about the reit ASAP. The bottom line, as I inferred it during my conversation with IR, is that (a) no SI, no cash, and (b) no cash, no dividend. I asked whether PZN has enough cash to cover the dividend, the answer was "no." So, assuming I was not being lied to, probably no dividend announcement before late December, if then. This could all change overnight. but I wouldn't bet the rent on it. The cheaper the stock gets, the more equity (dilution) 100 mil buys. I just sold my remaining shares, and will not be back in until this thing finds its feet (if then). Sorry for the pessimism, but this SI game seems to be no win, IMO. Joe, Avi, if you have the name of the firm handling the class action suit, please be so good as to post it. Can others verify what I have just posted by quizzing IR?