First off, let me state that imo, all these gazzilion lawsuits that are constantly being announced will, are extremely detrimental to lcos and all the shareholders. If, this goes to court, rest assured that if there is any money to be made it will be by the law firms involved.
I recently called one of the many NYC law firms representing one of the countless class action suits to find out if they knew the exct date of the proxy vote(supposed to be july1st, but wanted to just make sure)since the Lcos investor relations people never got back to me and their phone lines were always busy..probably intentionally off the hook. Anyway, they told me that they had no idea but could answer all my questions regarding the law suit. They asked if i had purchased stock between certain dates. i replied yes, but that i did not have any further questions. The lawyer then proceeded to tell me "not to worry, because all shareholders that bought between the specified dates were AUTOMATICALLY included in the lawsuit, whether one "registered" or not. She also stressed that they were emphasizing the damages part of the suit as that would be best for investors..She had said enough...i hung up.
I ran this conversation by an acquaintance of mine who happens to be both a lawyer(not a trial one) and a lcos shareholder who believes as i do that this merger will not be passed. Bearing that in mind, he postulated the following:
If the merger fails and lcos stock rise(which hopefully it will)alot of the class action suits and the lawyers will probably have difficulty collecting the damages. Since the plaintiffs loses would no longer or to a much less degree be an issue the court would likely rule against any substantial amounts of money being divied up to the shareholders involved in the suit. HOWEVER, plaintiff's legal fees may well be, instructed by the court, to be paid by lcos and or usai or their respective insurance companies..THAT could most definetly throw a wrench into short term future movement of lcos.
The judge will choose 1 lead counsel from one of the firms representing all the "like" lawsuits and all the remaining lawfirms will have 1 or more "assistant" lawyers at the trial...(got to show their faces to make some $)
Obviously, i do not feel that is serves any purpose to "sign up" with law firm and the abovementioned info is just what has been told to me.
If however, you do want to join the lawsuit(s) i would advise you to call more than one to see if it makes any difference if you join one or more. Do yourself a favor and make sure that what each individual one tells you jives with the next one you call.. I believe the info i gave you is accurate in that it doesnt really matter if you sign up or not you are still included in suit.. but do your own DD to make sure..
i wouldnt put it past these law firms to get paid by the total head count in the end..they may act like they have your own best interest at heart but trust me in this, IF any damages are collected,they will be the first to be paid, NOT the shareholders..
p.s. check out all the different suits...most are suing for damages, other include Davis' pre-deal sale of his lcos stock,others apply to those who were dealing in the options market..the list goes on .Sign up with them all if you want but at the very least check first and find out payout details before you do anything.
rgds
susan |
