Well, dear readers, this is a turn-up for the books and no mistake. For reasons too complicated to elaborate, your hero has been engaged in The Single Largest Securities Settlement In History (sic) - and has prevailed !The action - Drew (and others) vs JP Morgan Chase, Citigroup, CIBC, Bank of America, Lehman Brothers, Arthur Andersen, Andersen Worldwide, LJM2* and law firm Kirkland & Ellis - a.k.a. the Enron Class Action - has been successful. The first installment of my payout has arrived: and there may be more !
Others ? Well, there are *ahem* 1.5 million of us, to be precise. And I should damn' well hope there will be more, because the payout I have received thus far is about ... 0.16 cents on the dollar !
Oh well. In the words of the song: rather a walk-on part in the war than a lead role in a cage.
(Cold comfort for change, anyone ?)
ND
*a former partnership once run by ex-Enron finance chief Andrew Fastow
7 comments:
Happy days! You gonna blow it on having some fun or buy more silver?
I was a world com share holder through a series of take overs there was a class action in that case I decided that it was not really viable in my case, mind you I should have been forewarned by the balance sheet, the amount of the loans was astromomical compared to the amount of capital a bit like a fore runner of the great banking collapse, but like the banking sector entries in the P&L were crossed with those in capital also a bit like those mortgage securities formed into prime loans. Can we really believe balance sheets, banks are a sector from memory (things may have changed since I worked in one) which are allowed to not publish a full balance sheet.
As a Citigroup (well actually Salomon Smith Barney) employee at the time of the debacle, I guess I shud wish you well....
Damn' decent of you, Roy ! & no hard feelings, I knew what I was doing (& made a lot more than I lost, BTW)
Fun all the way, Steven - though the old silver certainly causes a smile
am looking to time the next play there quite carefully ...
Anon - it's obviously the latest form of light relief: for reasons I can't quite fathom I have been invited (by someone who has all my details) to join the Tyco class action which is odd because I don't recall ever owning the shares, or having any other claim on them !
well done Nick. patience prevails!
The silvers grating me (well closing at $31-something is) given one of my C@W 2011 predictions was silver at $50!
I'm 2 weeks somewhere sunny down on missed opportunity so far!
Where's the party being held?
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