Replies to post #91732 on UnifiedOnline Inc fka UOIP

[zombywolf]

IMO, a third party accounting firm hired by the new directors of UOIP should take possession of the settlement and distribute it per corporate law principles. All legal and binding agreements for the lawyers, proper costs for financing, Deirdre's contract and corporate debt would be paid first. Then the inventors get paid per any contract in place, and the balance equally distributed to the shares. Not rocket science, just common sense and fairness to all.

[GColl]

The usual process (as I'm sure you know) is the settlement funds go into the lawyers' trust account (so they get paid first).

Larger settlements can go into a fund established through the court in anticipation of a sizeable number (again agreed to by all parties).

I have seen cases where multiple defendants each deposit their share of the settlement into a trust account (which can take different amounts of time for different defendants) that sits under the court's control until everything is in place.

If this payout is still in progress, I believe that account probably has 75-80% of the final number already in the pot. I also believe the details of the distribution are pretty clearly laid out in writing... who gets what when.

I think the SH legal team could get access to this "payout plan".

Not sure this helps or if this is what you were asking - there are several ways to handle big settlement funds.

[Long term]

In short the lawyers take collection then divy up whats left after they take there fee.