Our group pulled our dissent

[jft310]

The lawyers say the Exxon deal closes and thus harm is created and the law suits begin.
In one case which will be Class Action may only benefit those that voted no . The lawyer believes that those who voted yes agreed to the terms of the deal and Exxon will motion to exclude them . May be other law suits and this one is not final. But consider if you agreed to the terms of the deal you agreed to the harm it may have inflicted on you. One lawyer believes shareholders are due the 5 Total payments . On a pro rats basis . Or after the deal closes the fun begins .

[Palm]

Class action should not have required a NO vote on this deal. Class action suits are filed for many reasons and this management team and BOD have several things outside of this deal which could be subject to Class Action. In fact this deal is one of the least compelling reasons for class action; actions leading up to the deal would be main reasons for class action.

[katytrader]

Class action should not have required a NO vote on this deal. Class action suits are filed for many reasons and this management team and BOD have several things outside of this deal which could be subject to Class Action. In fact this deal is one of the least compelling reasons for class action; actions leading up to the deal would be main reasons for class action.

Yes, Palm, and a footnote to your observation should be the process and timelines.  A law firm needs a harmed party/parties to sue and have a judge recognize the class of harmed parties.  Even with the company agreeing to a settlement, the lawyers still must query by mail the shareholders they believe to have been affected, asking if they wish to be removed from the class.  After waiting for the class members to shake out, and getting the judge to bless the agreed settlement, the lawyers then ask the class members to prove with trade confirmations and/or brokerage statements that they were affected by the improper actions in the time frame specified in the suit.

I wrote the above from memory and if anything, I left out some of the process, certainly all of the pre-settlement legal machinations..  The action triggering this note was the Cliff Natural Resources suit dealing with board actions over a year ending March 2013.  Last August I sent in required proof before the deadline in the suit, then waited six months before asking the firm handling the settlement/distribution to qualifying shareholders if there was a known distribution date.  I was told that probably the distribution would be made by end of Summer 2017, as it usually takes about a year to verify the claims from individual shareholders, calculate the sums due each, and cut/mail checks.

Several posters on various threads have commented on how drawn out legal action might be.  I add this comment here simply as an example of what is entailed in a successful suit.  Anyone who thinks Michael Anthony will quickly show up and ring his doorbell with a big check in hand is delusional.

[Palm]

Thanks Katy for that excellent info. And for the Michael Anthony humor!

[Kaliboo]

Class action should not have required a NO vote on this deal. Class action suits are filed for many reasons and this management team and BOD have several things outside of this deal which could be subject to Class Action. In fact this deal is one of the least compelling reasons for class action; actions leading up to the deal would be main reasons for class action.

Yes, Palm, and a footnote to your observation should be the process and timelines.  A law firm needs a harmed party/parties to sue and have a judge recognize the class of harmed parties.  Even with the company agreeing to a settlement, the lawyers still must query by mail the shareholders they believe to have been affected, asking if they wish to be removed from the class.  After waiting for the class members to shake out, and getting the judge to bless the agreed settlement, the lawyers then ask the class members to prove with trade confirmations and/or brokerage statements that they were affected by the improper actions in the time frame specified in the suit.

I wrote the above from memory and if anything, I left out some of the process, certainly all of the pre-settlement legal machinations..  The action triggering this note was the Cliff Natural Resources suit dealing with board actions over a year ending March 2013.  Last August I sent in required proof before the deadline in the suit, then waited six months before asking the firm handling the settlement/distribution to qualifying shareholders if there was a known distribution date.  I was told that probably the distribution would be made by end of Summer 2017, as it usually takes about a year to verify the claims from individual shareholders, calculate the sums due each, and cut/mail checks.

Several posters on various threads have commented on how drawn out legal action might be.  I add this comment here simply as an example of what is entailed in a successful suit.  Anyone who thinks Michael Anthony will quickly show up and ring his doorbell with a big check in hand is delusional.

Katy,  your description fits well the half dozen or more class action notices I have received and participated in.  For all those events my investment was low and at most I received beer money.  I'm sure not expecting anything.  The plaintiff lawyers that win take their deep cut as these were contingency (fishing) cases as I would presume our case would be.