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Non-Tech : Am.United Global, Inc. (AUGI)
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To: Elliot S. who wrote (2054)7/21/1999 3:54:00 PM
From: Mitchell B. London  Read Replies (1) of 2065
 
There are two proposed settlements.

The one that you posted ("Binder") relates to the "derivative" suit. It obligates Bob Rubin to transfer assets to the company in settlement of his debts, etc. Nothing from this actually goes to shareholders directly.

There is also a suit that benefits a class of shareholders who purchased AUGI shares after Nov. 1996. $600,000 and $1.9 mm worth of WPEC shares (nearly all that AUGI owns) are to be distributed to this class of shareholders and the attorneys who represented the class.

I do not know how one would go about calculating how much that will ultimately translate into, relative to your AUGI losses.

I am personally displeased to see that the class definition seems to exclude ConnectSoft (Series B) shareholders and others who were obligated to hold their shares during the periods of malfeasance.

Information about both of the settlements is available via SI at the following "news" link:

go2net.newsalert.com

- Mitchell
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