I bought shares for $9 a share in 8/99. However,
I did not file any proof of claim with Milberg
Weiss. Is there any action I can take $3 a share ain't
too shabby? Or should I learn from my mistake and
next time file.
Any of you guys heard fo Mr. Lerach? Just read
one of the past Fortune magazine about him and
Milberg Weiss. I you had any doubts or misconceptions of
how these guys operate, you will get an real good eye
Spiders fighting with snakes. I will gew some money I
guess but that is so bloody that I may put it right
back to charity to try clean up so many sins....
Distribution of settlement will be made based
upon the shareholders loss as a % of the aggregate
loss of the defined group claiming damages. The
distribution will NOT be a per share amount. Hope this clears
up the question.
There must be some sort of criteria for ownership
to participate in the settlement. Just think of a
day trader who bought and sold hundreds of times
during the period. I would not think they would be
reimburse for each ownership.
At this point I
wouldn't even begin to estimate the settlement amount. I
would be happy with $1 per share in stk at this point.
I'm pretty sure you are both right about the
shares eligble to participate in the selltlement. There
are two huge groups of shares in the eligible class.
Those who were converted from CCA to PZN 1/1/99, and
all those bought throughout 1999. Just guessing but I
think it easily exceeds 200 million shares (approx 75
mil on conversion and 500k per trading day for 250
days = 200mil).
A safe assumption is that legal
fees and expenses will take all or most of the cash.
So that leaves 36 cents per share for distribution.
Obviously, this is just a guess, but, if anything, it is on
the high side. IMHO
In a class action settlement, all folks on
whatever list they use will get a notice to file proof of
claim. This allows you to join the class, or elect not
to join the class (i.e., you can still sue on your
own, though joining the class may be quicker and
relatively painless -- suing on your own can be costly, and
you are gambling that Crants and PZN will still have
any money by the time you get a judgement, which may
be appealed). I am frequently getting notices of
class action settlement -- most of which I toss out
because the amount is not substantial. With PZN, I will
definitely submit proofs of claim. My only question is how
can they afford to pay it?
this is from a past issue of
"Sharholders in the failed Crazy Eddie electronics chain
should get $72.7 million from three of the company's
principals, who engaged in stock fraud, a federal judge
Inasmuch as many of us took Crants at his word, that
dividends would be paid, it seems to me that we've been
defrauded and such a ruling should be applicable. As it
stands now, as I understand it, this class action suit
is directed at the company, with the principals
cloaked with impunity as regards to financial settlement.
That money is to be paid by an insurance company and
costly stock dilution is being absorbed by the
And after dipping from the trough one more time Doc &
Son stroll into the sunset.
Isn't fraud a
felony? Or is it mitigated by a lack of pre-conception?
As has been pointed out on this board, it appears
unlikely that Crants's intent was ever less than
honorable, up until his dream collapsed; then, greed
outweighed principle and he abruptly exemplified the
negative side of the homily, "To know a man's character
observe how he acts when he loses money".
course, with the mass of plaintiffs, were such a suit
pressed and won against Doc & Son,
only the lawyers
would benefit; and the individual's reward would be
limited to whatever degree of gratification he got from
Have a great holiday, Joe, and let's all root for
Fergy. He's got a tough row to hoe but he's up to the
YET! You could not have. This is a class action
law suit I understand and applies to all holders of
stock on the given dates. You file in the near future
with your proff of being a poor stock picker(PZN)buys.
Don't expect 3 dollars a share expect 1 from what I