Great news for those FEED shareholders!
From a post by:
preeceje2004 on the yahoo message board.
Court approved the Plan of Distribution today. Best I can tell, $25 million will be distributed to equity holders if the plan is consummated by voting of the impaired classes (e.g., shareholders). Insider claims will be held in trust until the causes of action of the fraud are settled. The two share holder classes are pre and post fraud disclosure date (i.e., December 19, 2011). I can't recall if this is the same cutoff for the Class Action lawsuit. In any event, it appears that those who bought during the class period and held through the date we were delisted amounts to about 55 million shares. So those 55 millionshare holders will split the Class 5B funding of $18 million and all shareholders (e.g., 69 million shares) will split the Class 6B funding of $7 million. Insiders will not get paid until all causes of the SEC violations are settled. If they are found to be causes of action, their shares could be worth nothing and their value will be distributed back to the others in Class 6B. In addition, Gothner and Pazdro's commssions on the sales of AgFeed USA and AgFeed Ind. (remember those?), or portions thereof, could go back to Class 6B as well if they are found to be responsible for the fraud. Minimum of about 43 cents for the long-term holders if the plan is confirmed.
