Auntierooski, I certainly don't have any problem with your comments about being cautious. You are correct when you say you haven't seen prospectus because it hasn't been posted to the Gowlings site. I will try and answer some of your questions and assumption the best I can.
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.
Untill the prospectus is out no one can say for sure and it will hopefully be out next week. Like you my fear was how much would this costs and am I better off just taking whatever Tenoor and Fung leave us. From my research and talking to many people I have come to the certainity that I am better off opting in based on what I believe will be in the prospectus posted on Gowlings site. I certainly think everyone needs to read it before making a decision.
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.
You are again correct that legal costs are expensive. Kry has proven that despite telling me that the costs of ISCID wouldn't run over $10 million. Another good job of over promising and under delivering by management. With Gowlings being one of the top firms in Canada if not the top firm I'm sure they woulldn't do a contingency case unless they thought the would win and win big.
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.
I don't believe there are any up front costs for anyone else to opt in but again we need to wait until the proof is in the pudding when the documents are posted. If there are no costs to opting in there is little chance of a down side.
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.
As I mentioned above to the best of my knowledge there are no opt in fees for shareholders who decide to opt in.
So everybody help do some deep research and let us know how we benefit.
I agree 100%. Once the documents have been posted we all need to research them and make our own decision. If I am correct with what I believe will be posted then everyones fears should be gone and excitement will once again be possible. I wanted to make a joke about shortly after Easter but I have let go of the anger at management and replaced it with a need for justice. If I'm right, management and Tenor will be held accountable for their actions.
JJ
