Rick & Thread:
Anyone receive their claims form for the 3Com litigation settlement yet? I just got mine, and it looks like the windfall will be greater than I originally thought when I posted here it would be at least $0.50 share and maybe as much as $1.00/share. Here are the key points from a first read through:
(1) You have to have bought COMS common stock between the 4/23/97 open and the 11/5/97 close and held those shares through the 11/5/97 close to participate in the settlement. "Bought" means trade/order date, not settlement date. If you bought after 4/23/97 and sold on or before the 11/5/97 close, you get zero.
(2) If you had such shares and sold them between the 11/6/97 open and the 2/3/98 close, you will receive the lesser of (a) $5.67/share or (b) actual purchase price less actual sales price. In simple terms, you will receive your actual loss/share on the trade up to maximum of $5.67/share.
(3) If you sold after the 2/3/98 close, you get the lesser of (a) $5.67/share or (b) actual purchase price less $33.90, the closing price of COMS on 2/3/98.
In my case, I had several thousand shares that qualify, and it looks like I'll get the $5.67/share maximum. I'm sure there are many present and former COMS shareholders on this thread who will get a chunk of this settlement. Settlement hearing for judge approval is 2/23/01, deadline for filing claims is 3/5/01.
Tons of fine print to read, forms to fill in, including W-9's (the IRS wants its share too!) releases to sign, proof of purchase/sale etc. Usually I trash these things because the reward doesn't justify the time spent filling in the paperwork, but not this one.
I'd advise everyone to check their trading records for the time period in question, this is not one to pass up.
David T. |
