UnderSea Recovery Corporation (UNDR)

[Emily1212]

If the judge uses 1.5% monthly interest rate in his award to the company, which is an 18% annual rate, we are going to soar! I said $22M earlier but it is over $24M if 18% annual rate is used.

While it may sound far-fetched, below is what the judge's filing on Feb 18th states:

"In the Complaint, UnderSea asserts a claim for prejudgment interest under O.C.G.A. § 7-4-16, which provides a 1.5% interest rate. In its motion for default judgment, UnderSea calculates the alleged interest owed using O.C.G.A. § 7-4-2, which permits a 7% rate. UnderSea, however, cannot effectively amend its Complaint through a motion for default judgment to seek a different prejudgment interest rate—and increase its sought-after damages—than what it served on Madero through international publication. Thus, unless UnderSea files and serves Madero with an Amended Complaint, the Court will only consider the prejudgment interest rate expressed in O.C.G.A. § 7-4-16."

THE COURT WILL ONLY CONSIDER THE PREJUDGMENT INTEREST RATE EXPRESSED IN THE ORIGINAL COMPLAINT IN JANUARY 2019 WHICH WAS 1.5% MONTHLY - 18% ANNUAL.