It took a while for me to decide to write this, mainly because my experince of class action lawsuits is not very pleasent and maybe I should take a wait and see attitude. And hopefully others in this board will do more research on the positive and negative consequenses of opting in.
This is not to be taken as negative against opting-in but to apply caution in our decision. If everyone here is in so am I.
It looks like what opt-in means is if you are not in you don't participate in the award if Gowling wins. if we go by the opt-in route through Gowling have we made the right choice. What we have now is hopefully 12% of the award with no furthur costs to us and the assumption that if we register with Gowling we will improve that percentage. But at what further cost to us.
A word of caution. These lawyers don't work for nothing. I have not yet seen their PROSPECTUS but how it usually works you place your shares in trust to them as in Power of attorney as if they own them giving them the leverage they need to pursue a suit in you behaf.
Legal work costs money and when it comes to lawsuits, lots of money. This may take years of litigation.
In my experience in a defense against ZURIC Insurance in a high rise codominium investment and went bankrupt each investor individually was sued for payment of a mass debt. We ended up defending as a group. As the lawyers ran out of money we wrote checks for $1000 many times as needed. We saved some in the end but the lawyers made plenty. Typically once you are in you can't get out until its over.
If we get 12% of $1.4B with no further costs to me that's 12% of nothing that I expected in the first place even though I feel the whole outcome is not fair. We bascally funded the entire Crystallex project from scratch for the benefit of these modern "Carpet Baggers".
My guess is to opt-in the initial cost would be 1% of your shares which for me is $1200 and i have to decide if i want to put up good money against bad.
So everybody help do some deep research and let us know how we benefit.
I want to hear from Ploutus. He has some skin in this mess too.
