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L & L Energy, Inc. Message Board

madaniels57 5 posts  |  Last Activity: Jun 29, 2016 2:39 PM Member since: Jun 9, 2009
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  • Reply to

    Outcome of the Hearing ?

    by talcino1 Jun 22, 2016 4:00 PM
    madaniels57 madaniels57 Jun 29, 2016 2:39 PM Flag

    FYI, expecting notice of you status and/or qualification for distribution within a one year period, is likely optimistic on my part, but I don't see anything preventing that or delaying it at this time.

    As you know, or should know, the litigation took a huge turn and refocused it's guns on Macquarie and the offering. Macquarie and one of it's divisions have settled and that is the money they have to distribute.

    The 2 lowly board members to be frank, had zip to do with the offering, except that they both received a couple thousand shares of stock in Puda as a bonus when they came on board and opened up the US office in Florida. (necessary only to qualify for the Russell Indexes)

    These negotiations IMO are most likely a demand to be excluded from the suit due to the change in the target of the suit. The only thing the court can do is clawback the shares they were given and subsequently sold.

    If they do come to a agreement, the dollar amount will not affect the per share distributions to qualified investors more than a few cents..

    Also keep in mind that distributions require that all the money be in the bank and all the litigation settled.

    Right now, they anticipate that to occur.

    So that is why I think a one year time period is in the ballpark,

  • Reply to

    Outcome of the Hearing ?

    by talcino1 Jun 22, 2016 4:00 PM
    madaniels57 madaniels57 Jun 29, 2016 2:04 PM Flag

    "I called last week and was told that the status of my claim is "under review", and that's all they can tell me."

    That is correct.

  • Reply to

    Outcome of the Hearing ?

    by talcino1 Jun 22, 2016 4:00 PM
    madaniels57 madaniels57 Jun 29, 2016 2:03 PM Flag

    No...I only mean the procedure is underway...it takes about a year.

  • Reply to

    Outcome of the Hearing ?

    by talcino1 Jun 22, 2016 4:00 PM
    madaniels57 madaniels57 Jun 29, 2016 1:51 PM Flag

    BTW Talcino, The unsettled matters are in regard to the 2 board members and a insurance company...The court dunned them several thousand dollars personally, and lawyers are still pursuing the insurance company for Puda and for the officers.

    This would be the main topic discussed at the hearing...in addition to some other minor issues.

    The two individual board members are broke, due to legal costs, and the insurance company has refused to pay anything for anything....period.

    The insurance company is located in mainland china and is unreachable by US law...so it follows that the settlement hearing probably has little or no bearing on the settlement amount. So I would not be holding my breath.

  • Reply to

    Outcome of the Hearing ?

    by talcino1 Jun 22, 2016 4:00 PM
    madaniels57 madaniels57 Jun 29, 2016 1:35 PM Flag

    Any settlement hearings at this stage of the game would not affect the current ongoing distribution.

    Usually, I they collect additional monies at some point, they will schedule a second distribution.

    To be included on this distribution, the cash would need to be in the bank before the first check goes out.

    As to he hearing, the court may or may not make available a transcript in about 6 months. (depending)

    You have to pay for it.....They generally charge in the area of 150 dollars.

LLEN
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