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Biotech / Medical : FPA Medical Management - FPAMQ
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To: AC who wrote (991)7/21/1998 12:32:00 AM
From: Douglas V. Fant  Read Replies (1) of 1110
 
AC, I intend to keep some shares so that I can have jurisdiction in any court fights. Now there are two avenues of approach. One of course is the bankruptcy proceeding. I'll file a claim as a shareholder and try to oppose the reorganization as overkill by the major creditors trying to "steal" the going concern value of FPAM rather than simply being reimbursed for their contractual loan requirements.

Second we need to join the separate lawsuits which will indeed include Deloitte and Touche as a defendant for participation in fraud and misrepresentation in the last quarter financial statement. D&T will not feel too much pain since they carry a large malpractice insurance policy. They could weather a $225-250 million dollar settlement and still stay functional.

I find it trully unbelievably arrogant (and a bad tactical error!) that Wasssrstein & Peralla and Dresnick would offer the comon shareholders nothing in the reorganization- big time chutzpah! Is there no honor amongst thieves- or is it simply nowadays "if I have the power, well I'm going to use it"....

Sincerely,

Doug F.

I just wonder if Dresnick acquiesced in this plan or whether he agreed with a gun to his head... more likely the former since he and his junta wil get 8% of the new organization's shares.....
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