"Class action" lawsuits usually end up benefitting only the lawyers. Sometimes the "lead plaintiffs" do pretty well, but usually, they are the ones who contacted the lawyers in the first place, or they have some unique quality that the lawyers feel would be an advantage in presenting an "image" to the court as the case proceeds and/or, ultimately, in appearing before the jury at trial (which rarely occurs).
As I see it, any kind of class action should be avoided at virtually all cost because, as above, only the lawyers will make money. Certainly, no legal action of any kind should be undertaken before April (if ever), because as I have now said many times, we do not know what "the numbers" will be --- for all we know, they could be wonderful, or there could be developments between now and then that will have us smiling.
Before proceeding further, let me say I have no reason to believe that any of the following possibilities are going to happen, but unfortunately, when someone like Dil continues to talk about litigation, which I think is highly unwise at this juncture, all the possibilities need to be at least mentioned. I will be as brief as possible.
Having said the above about class actions, which are virtually always filed to recover money damages, there are other types of legal actions that could possibly be taken which would not involve money damages --- such lawsuits don't just reward lawyers, and are filed to require a company to act, or refrain from acting, in certain ways. For instance, I could envision some type of legal action filed to block an undesirable merger/acquisition, or to block an attempt to take the Company private, or under other circumstances which would, in effect, constitute a buyout of the Company that would convert the retail shareholders into bagholders. Frankly, I don't have enough experience in pure corporate law to know exactly what this would be, and I'm certainly no securities lawyer --- Milestone might know, but again, I think we should keep this discussion at a minimum because it won't accomplish anything at the moment, and it scares people.
Dil is also right in that no one should hesitiate to contact the Company with his or her concerns on an individual basis. Just because you choose to take part in the shareholder letter certainly does not mean that you shouldn't also send a fax or letter to Mr. Turley or the Board. I continue to feel that an organized effort backed by tens of millions of shares (or even more, hopefully) is more effective, because a myriad number of faxes and/or letters is sometimes seen as pestering that ends up producing diminishing returns --- however, there is no reason why people should not send their individual communications if that makes them feel better.
Dil, I see that you have joined the Greeneyes/Manor club of punishing good deeds, and that's your business. However, even though you apparently have no respect for me, please have enough respect for the rest of the people here to stop this talk of lawsuits. There is a "fear factor" to it that, even if not overtly harmful, certainly isn't doing anyone any good.
I might add that the personal element of posts like Dil's, in which he indirectly attacked my character and integrity, are one reason why many good posters have left this board or don't participate as much --- the "no win" situation. In my case, if I take time out of my busy day to make a number of posts, then I must not be a successful lawyer because no such lawyer would have time to do such a thing --- conversely, if I don't post as often, I am not helping enough. If I don't take the time to do answer the sillly accusations of members such as Greeneyes and Manor (and now Dil), then I'm "running from a fight", which no good lawyer would ever do --- conversely, if I take the time to "do battle" and issue the deserved corrections, then I "have something against women" or I'm "picking on" someone.
To those of you who continue to engage in these personal attacks, please give it a rest. Disagree with the content of what I and others all day long if you have a rational basis for doing so, but personal attacks will get us nowhere --- instead, we need to be banding together so that, if necessary, we can present a unified effort as we move forward. That could be in the form of a request for a meeting with management, formal shareholder proposals at the next shareholder meeting, or other constructive ways of handling other scenarios as they arise --- I can't imagine all of the possibilities, but IMO we need to relax a bit and see what is ahead for the near term while, at the same time, realizing that being united and prepared is not a bad thing. There is a middle ground between being passive or militant, and IMO, that is what we should be seeking at the moment.
Best wishes to all.
