Hi Laurens:
A class action is just a term used when there are enough people with a complaint against the same group of defendants to form one big law suit instead of allowing dozens, or even hundreds, to be filed separately. It is suppose to make the suit cheaper for all concerned by sharing the costs, and easier for the courts to administer.
To start a class action, normally some one plaintiff sues out the case and then a Judge is asked to certify the matter as a class action, so that counsel can solicit other members of the "class" to join the suit.
The attorneys are typically the ones who get fully paid, and the "class" gets something less than their total damage. Not always though, some have worked out well for all concerned.
Just to return a buck a share from suing UMSI, one would have to extract $26,000,000.00 out of them (though insider shares should probably be subtracted from that figure). If that were possible, people would be lining up to loan them money. One could probably get more by selling their shares at .045 than they would get out of
a forced liquidation of UMSI at this point.
Our hope is for them to get this thing going, get some financials out that show a hint of a future, and a little PR too.
Skaar |
