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Zynga, Inc. Message Board

brazil_83 2 posts  |  Last Activity: Jun 21, 2016 10:44 AM Member since: May 21, 2000
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  • Reply to

    LQT

    by preeceje2004 Jun 20, 2016 2:05 PM
    brazil_83 brazil_83 Jun 21, 2016 10:44 AM Flag

    Preeceje,

    Thanks you for your reply; for making an effort to find out what is going on the funds to be dispersed. What you wrote makes sense; it's just that it is that it is the first i have heard about it. The excuse i hear is that the SEC and Epic are working on a dispersal plan....actually NINE MONTHS NOW. If those billable hours are getting racked up, seems like shareholders might write to the SEC, point out most the shareholders are retail (like themselves) and this delay/extra expense are not as easy to absorb (vs. an institution). But most everyone sits back, lets others do the work, hopes for the best, waits for the contact info so they can get their check.

    My last letters to our contacts at the SEC and Epic was in April. There was no mention of waiting for additional proceedings/funds. The excuse was that they were working on a plan. The SEC said the ball was in Epic's court; and Epic implied the opposite.

    The passage from the motion below indicates time to disperse - and awards the contract to Epic - in part because they could expedite things given they handled the first dispersal. So, we are 9 months in before they even start the first mailing to shareholders.

    These are not reasons it give up, do nothing.

    ---

    US District Court – Nashville
    No. 3:14-cv-00663
    Judge Haynes

    -------

    Motion to Appoint Distribution Agent
    9/23/15

    As per the Final Judgment (11/28/14), the SEC is holding the $5.5M pending approval of the distribution plan. The court should appoint Epiq Systems as Distribution Agent. If appointed, Eqiq will work with the SEC to formulate the plan – which will require court approval. SEC believes Epiq is particularly well suited to handle the distribution given 14 years experience, plus the experience Epiq gained from handling the Class Fund.

    “Steps such as identifying shareholders and determining the validity of claims would not need to be repeated, substantially expediting the distribution and resulting savings.

  • Reply to

    LQT

    by preeceje2004 Jun 20, 2016 2:05 PM
    brazil_83 brazil_83 Jun 20, 2016 3:47 PM Flag

    Does this have anything to do with the SEC Fair Fund? My understanding is that the fund is already set up, the judge awarded the contract to administer the dispersal to Epic over SEVEN months ago. I heard Epic is working on a dispersal plan - but not sure why they would be involved in that or why they would keep us in the dark so long. Seems like figuring out who to include in this "class" would be more an issue for the SEC and the lawyers.

ZNGA
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