stockanalyze,
There has been a lot of discussion on who is 'damaged' and who is NOT (i.e. 'undamaged speculators').
While I agree with you in spirit, the KEY is that whoever traded -- bought, sold, held -- either kept, or transferred the rights upon exiting.
The RIGHTS travel with the shares regardless of who owns them.
Is this 'rewarding' Hedgies or other 'undamaged participants', the Left would surely present it this way. But think of a Spanish treasure ship lost at sea over the coast of Florida or Colombia. Who owns the Treasure? The Gov't of Spain? The Country assuming the treasure sank within a 200 mile coastal limit? The Treasure Hunter expending funds, time & effort to discover the Treasure (with absolutely NO guarantee) of success?
Well, the Courts have ruled in favor of all 3 to some extent, but the point is that the RIGHTS to whatever Recovery TRAVEL WITH THE SHARES, in this case the POSSESSOR/OWNER/SPECULATOR.
Now the original owner may not have known, or 'felt' this, but with securities, especially those outstanding and trading for YEARS, it is neigh impossible to determine who owned what, when, what news was disseminated or not. Cannot simply obtain a date and decide at THAT POINT one was an 'original damaged owner' & 'reward' them AFTER THE FACT when they probably took a 'valuable' tax loss & moved on.
Ownership is 9/10ths of the law --- not written, but does highlight that Possession is a powerful factor in demonstrating ownership. To wit, as a decent-sized JPS owner who purchased after-the-fact, I would have no problem setting up a fund where 10% goes to compensate those who were royally screwed. The Courts will NOT mandate this however.
Great luck to you & to all.......SREZ
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