I perceive the decision of lead defense litigator Eugene Licker of Loeb & Loeb not to appear at yesterday's final settlement fairness hearing as a very positive sign of the finality of this milestone with regard to the consolidated shareholders' class action lawsuit settling for the previously agreed $2.0 million. Looking forward to reading the filing(s) on PACER in short order.
On the other hand, when the attorneys for SCEI were negotiating how much money they could give the decimated shareholders to settle the claims that the company had committed fraud -- they stated in documents filed with the court that there was no cash available, and therefore the shareholders would be better off accepting the paltry $2 million in insurance payments, than going to trial and risk not being able to collect on the larger judgement.
Now, unless the attorneys were lying, if there's no cash, then presumably there is no additional ability to reimburse Licker to travel to CA rather than just nod his head on a conference call. (After all, it's not his money being forked over.) And since Eugene is based in NYC, most likely he is spending this holiday-shortened week in the Hamptons. Living large on the lavish fees collected for helping Chinese companies lure in US investors who would have little oversight, and less recourse, to their alleged businesses.
(Though as I type, I note the stock is up 25% today, on heavy, heavy, volume. Perhaps this is the start of the great surge you've been yapping about. Or maybe it's a dud. Looking forward to your 13-D filing.)