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To: George the Greek who wrote (11525)5/19/2003 3:31:44 PM
From: Charles Tutt  Read Replies (1) | Respond to of 11568
 
My understanding is that fines aren't normally used as compensation to the parties harmed -- the government keeps the money.

JMHO.

Charles Tutt (SM)



To: George the Greek who wrote (11525)6/7/2003 4:15:41 PM
From: George the Greek  Read Replies (1) | Respond to of 11568
 
Some items:

* The laughable SEC penalty agreement ($500 million)
(see sec.gov )
which has been put before the judge,
has been deferred by the judge to allow for comment (that comment deadline, Jun 6, has passed).

* Funds "will be distributed to victims of the company's fraud, pursuant to Section 308 (Fair Funds For Investors) of the Sarbanes-Oxley Act of 2002"; I frankly don't know the conditions which that Act applies in determining the defrauded investor pool.

* Investors who feel they were defrauded (and there must be plenty of you around!!!) might want to visit the Ad-Hoc Committee of WorldCom/MCI shareholders,
wcom-iso.com ,
get background information, find out why they are being overlooked by the bankruptcy fast-track process.

It offers some advice on writing to the media & finding some outlet for the angst of having this company's assets shoveled solely into the hands of the creditors.