There recently was news of a court settlement for an action that I was not aware of. I am still a shareholder, unfortunately, and I am wondering what the terms of the settlement were. I will write to the attorneys and find out, but I'm curious and don't want to wait. Does anyone know?
Here's the story:
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Summary Notice of Proposed Derivative Settlement to All Holders of AmericanUnited Global, Inc. Common Stock
SEATTLE, July 16 /PRNewswire/ -- The following was issued today by Cohen,
Milstein, Hausfeld & Toll, P.L.L.C.:
IN THE SUPERIOR COURT OF WASHINGTON
IN AND FOR KING COUNTY
------------------------------------------
HARRY BINDER, )
Plaintiff, ) Case No. 98-2-11624-2 SEA
vs. ) Case Assigned To:
Hon. Philip G. Hubbard, Jr.
ROBERT M. RUBIN, LAWRENCE E. )
KAPLAN, C. DEAN McLAIN, DAVID M. )
BARNES, and HOWARD KATZ, )
Defendants, )
and )
AMERICAN UNITED GLOBAL, INC. )
Nominal Defendant. )
------------------------------------------)
SUMMARY NOTICE OF PROPOSED DERIVATIVE SETTLEMENT
TO: ALL HOLDERS OF AMERICAN UNITED GLOBAL, INC. ("AUGI") COMMON STOCK AS
OF JUNE 1, 1999:
YOU ARE HEREBY NOTIFIED that the parties to the above derivative action
have entered into a Stipulation of Settlement to resolve the issues raised by
the action.
PLEASE BE FURTHER ADVISED that pursuant to an Order of the Superior Court
of Washington In and For King County dated June 14, 1999, that a hearing will
be held on August 23, 1999 at 9:00 a.m. before the Honorable
Philip G. Hubbard Jr. at the King County Courthouse, Room W331,
516 Third Avenue, Seattle, Washington 98104 for the purpose of determining:
(1) whether the proposed settlement of the derivative action in the amount of
$2.8 million in cash and stock (the "Derivative Settlement Fund"), as set
forth in detail in the Stipulation of Settlement on file with the Court,
should be approved by the Court as fair, reasonable and adequate to AUGI and
its common stockholders; (2) whether the request of Plaintiffs' Counsel for
approval of attorneys' fees and expenses should be granted; and (3) whether
the litigation should be dismissed with prejudice pursuant to the terms of the
Stipulation of Settlement. If you are a shareholder of AUGI, your rights may
be affected by the settlement of this action.
Any objection to the settlement must be filed no later than August 2, 1999
and must be served on each of the following law firms:
COHEN, MILSTEIN, HAUSFELD LAW OFFICES OF BRIAN BARRY
TOLL, P.L.L.C. Brian Barry
Steven J. Toll 8424A Santa Monica Boulevard
Matthew J. Ide Suite 184
999 Third Avenue, Suite 3600 Los Angeles, CA 90069
Seattle, Washington 98104-4001
Co-Lead Counsel for Plaintiffs
BYRNES & KELLER, LLP KAYE, SCHOLER, FIERMAN,
Peter D. Byrnes HAYS & HANDLER, LLP
1000 Second Avenue Jay G. Strum
38th Floor 425 Park Avenue
Seattle, WA 98104 New York, NY 10022-3598
Counsel for Defendants
If you owned AUGI common stock as of June 1, 1999 (the "Record Date"), and
have not received a Notice of Pendency and Proposed Settlement of Derivative
Action, you may obtain copies by writing: Poorman-Douglas Corporation, AUGI
Derivative Litigation, P.O. Box 4390, Portland, Oregon, 97208-4390. Please do
not contact the Court, the Clerk's office or AUGI for information.
For further information, you may contact the following Plaintiffs'
Counsel: Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 999 Third Avenue,
Suite 3600, Seattle, Washington 98104, or the Law Offices of Brian Barry,
8424 A Santa Monica Boulevard, Suite 184, Los Angeles, CA 90069.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE.
DATED: June 14, 1999 BY ORDER OF THE SUPERIOR COURT OF
WASHINGTON IN AND FOR KING COUNTY
SOURCE Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
CO: Cohen, Milstein, Hausfeld & Toll, P.L.L.C.; American United Global, Inc.
ST: Washington
IN:
SU: LAW
07/16/99 08:00 EDT prnewswire.com
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