Solvex Longs-
I have found out a few things that might help your spirit a little-
Solvex still owns the test plant in New Mexico- they had to sell the offices but they didn't sell the buildings behind it.
JR has opened up an office and has a telephone number where he can be reached (I don"t have it- my broker told me and said that he has talked to JR).
JR still believes that this will end up being a very successful company eventually- yes I know we have heard his optimism before but maybe someday it will come to be.
Solvex is currently trying to get a class action lawsuit going- we are going after one of the groups that filed a class action claim against Solvex to try to hurt our credibility (yes they did a good job) and have hopes of trying to draw in other parties that did things that hurt our company.
The court and our lawyers are not moving very fast on this. They are of the opinion that people have moved on with their lives and are not really concerned with this any more. I have been asked to write some letters to let them know that I am still out here and I still want blood.
If any of you have any hopes of still getting anything out of this I would encourage you to do some writing also.
The letter I have been asked to write reads as follows
Robert A. Wallner
Milberg, Weiss, Bershad, Hynes & Lerach, LLP
One Pennsylvania Plaza, 49th Floor
New York, New York 10119
RE:Solv-ex Litigation
96 Civ 7575(RMB)(RLE)
Dear Mr. Wallner,
As a putative member of the plaintiff class I am concerned that my rights are not disregarded in the proceeding of the Solvex case 96 Civ 7575. I believe you have a duty to certify the members of the class. A motion for class certification has been stipulated to by all parties and ordered, adjudged and decreed by the court February 4, 1997.
This case is 5 years old and I have yet to be contacted despite a previous request to the court. I urge you to certify the class and wish to be a certified member of the class. I have as many others have suffered substantial financial losses. Our shareholder rights need to be protected and I ask you to keep me informed.
Sincerely,
your signature, address and phone number
cc:The Honorable Richard M Berman
cc:John Halebian, Esq
A copy of your letter needs to be sent to each of the following parties:
The Honorable Richard M Berman
United States District Judge
Southern District of New York
40 Centre Street
New York, New York 10007
John Halebian, Esq
Weschler, Harwood, Halebian & Feffer
488 Madison Ave.
New York, New York 10022
If you know of other people that have bought Solvex let them know about this. Lets get the wheels of justice moving.
Have a Merry Christmas and May the new year be a better one
Mike Archibald |
