FWIW, got a "Notice of proposed class action settlement, right to exclusion, hearing and request for attorney's fees and costs" mailed to me last week. I never contacted anyone so first time I've seen anything re: the class action suit.
Here's what it says - apologize in advance for punctuation, typing it free hand:
What is the Settlement Fund?" In the proposed settlement, the Individual Defendants have agreed to contribute to a settlement fund in the amount $1.7 million, plus whatever interest accrues after the fund's creation. Defendant Daszkal Bolton agreed to contribute to the settlement fund an additional $1m. Defendant Richard McDonald agreed to contribute restricted common stock he held in three companies: 60k shares in American Defense Systems; 350k shares in Corner Stone Pictures Corp; and 25k shares in Legend Motors Worldwide. These shares are not listed on an y exchange and it is not know when, if ever, the settlement fund will be able to sell them. Plaintiffs' Counsel intends to sell these when feasible sot that the proceeds of the stock sale will be added to the Settlement Fund. Up to 30% of the Fund will be used to pay attorneys' fees and Plaintiff's Counsel will also seek reimbursement of reasonable costs and expenses and for costs of the Claim Administrator administering the settlement. Then, the amount remaining will be distributed to Class Members who submit valid claims.
Fees/Expenses - I'm not going to re-type this, just summarize:
Attorneys asking for $810k plus 30% of the proceeds on McDonald's stock.
Also asking for reimbursement of actual expenses plus accrued interest not to exceed $100k.
If you held stock between 8/17 2004 and held through 8/16 2006 the "per-share recovery" is approximately .11 or .074 after deductions. But, depends on # of claims filed.
