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Post by vzveteran on Feb 23, 2016 19:31:18 GMT
there should be no upfront cost.according to delaware corp law 262 (READ IT)reasonable lawyers and expert fees will be determined by the court and dished out on a per share basis with a possibility that astella might also have to pay. you would not have to join anything because when one files and your shares are accepted by the court for appraisal you are automatically included. I understand that, and have read it. I also understand from mf that they will take 30% above $8.50... That's my question.
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Post by thechurchmaus on Feb 23, 2016 19:56:36 GMT
there should be no upfront cost.according to delaware corp law 262 (READ IT)reasonable lawyers and expert fees will be determined by the court and dished out on a per share basis with a possibility that astella might also have to pay. you would not have to join anything because when one files and your shares are accepted by the court for appraisal you are automatically included. I understand that, and have read it. I also understand from mf that they will take 30% above $8.50... That's my question. we will have to find out from prior cases if that is what the court usually approves.
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Post by vzveteran on Feb 24, 2016 1:53:59 GMT
Ok guys, I have received a response from Astellas' attorneys. I'm sure this will be out tomorrow in an sec filing that is imo, due.
There is a total 2,424,800 shares currently held for appraisal. That's roughly 5% of the outstanding, almost 19mm dollars worth @ $8.50.
I wonder if GA is holding any.
I made the request on Feb 13, and the law requires they have 10 days to respond.
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kevin
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Post by kevin on Feb 24, 2016 2:16:12 GMT
Thanks Vz. I took another look at the days, and Feb 15th was a federal holiday so if there is an SEC filing, worst case I expect it after market close on Friday which falls in line with Friday being a day to bury news. We will see.
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jak
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Post by jak on Feb 24, 2016 15:16:13 GMT
Hi VZ/Kukkido,
I am sensing time is of the importance. Is there a deadline that if we don't have a better plan A we go with plan B (Eric's company)?
Moonfiddler, Churchmaus and myself have talked to Eric A who was/is plan B due to the 30% upside fee and has requested we identify participants/sign retainer page ideally by end of this week.
I hope there is a better plan A but I am not clear what it is from the messages above and when we need to act by.
Thanks, jak.
ps. In my view the 30% fee on upside ensures alignment of the representation firm with our goals (vs getting paid a different way), So I am ok with that. Maybe someone can negotiate this down a bit...25% if we have more of us sign up? Also, I am just a bit concerned on expert witness cost since I don't know what that could run.
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Post by vzveteran on Feb 24, 2016 16:20:39 GMT
How do you guys feel about firing off a letter through an attorney to Astellas, to see if they want to settle?
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jak
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Post by jak on Feb 24, 2016 16:53:58 GMT
Sounds good VZ but how long do you think this process would take for Astellas to respond? What if they drag it out far enough to kill our other options?
Who was the guy that reached out to Gary A last time? Do we know what he is doing?
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Post by thechurchmaus on Feb 24, 2016 16:55:07 GMT
according to eric its 60 days after the closing(feb 10th?)to file for appraisal and 120 days to file with the court.my worry is that i am paying a third of the upside to a lawyer for doing basically nothing since only one of them goes to court representing all.with that many shares filed there must be a fat cat whose coat tails we can ride?only one holder has to file in court for all dissidents with verified shares.astella has to tell the court names and #s o shareholders involved and send a certified letter to each shareholder stating that fact.the court then checks and approves the legitimacy.i hope i got this one right.eric even wants a third of the interest ,6% compounded quarterly,which really irks me!for those that dont lawyer up the law states that at the end it will determine reasonable cost and deduct that at the end on a per share basis.with that many shares involved it wont be that much?so my inclination is to wait and see!
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Post by vzveteran on Feb 24, 2016 17:04:09 GMT
I don't want to rush into anything...I want to get as much info as I can, to make a decision I'm comfortable with. I agree about forking over a third, when imo it should be a flat or hourly rate to file. That's what I'm looking into.
But Do what's best for you, I am just providing information here, that may or may not be suited to your circumstance.
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jak
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Post by jak on Feb 24, 2016 18:00:06 GMT
Thanks VZ I understand. Per what churchmaus is saying we might have until April to file/figure this out?
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Post by vzveteran on Feb 24, 2016 18:03:39 GMT
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Post by kukkido on Feb 24, 2016 18:23:48 GMT
I guess if we were to send a letter directly to Astellas, what is our Price point that we will accept as a group who want to settle direct. I think with a lawyers letter, this could be Step One. Give them a time period to respond and then if they don't. Then lets go to Court. but we have to get organized quickly, we have a deadline of 120 days. Anyone know the actual date.
Kukkido
Im curious also how many people have claimed Appraisal Rights. Power with numbers.
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jak
Junior Member
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Post by jak on Feb 24, 2016 18:42:09 GMT
Kukkido, vzveteran is tracking count of shares we are aware of and organizing here under a separate thread, we are in the low hundreds...check it.
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Post by vzveteran on Feb 24, 2016 18:48:58 GMT
Kukkido, vzveteran is tracking count of shares we are aware of and organizing here under a separate thread, we are in the low hundreds...check it. 178,619......You can be anonymous for now, so please let us know your count....
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Post by kukkido on Feb 24, 2016 18:58:55 GMT
I got a hold of CPM in California and talked to Mark C. Molumphy, a Principal at Cotchett, Pitre & McCarthy, is a native of the Bay Area, born in San Mateo, California. Molumphy joined Cotchett, Pitre & McCarthy in 1993, practicing civil litigation with an emphasis on complex business disputes, securities, antitrust, insurance bad faith, and products liability. www.cpmlegal.com/attorneys-Mark-Molumphy.htmlI expressed interest in doing two things: What would he charge me to draft a letter for the shareholders to Astellas and have them offer us a fair value for our Stock. Would CPM firm be willing to file the case for us, for free-because there costs are paid for by the court. I am awaiting an answer. I spoke to Richard, Layton and Fingers in Delaware also. I have a contact phone number and a name Sandy Rambo. She will get the correct attorney who works on these matters to give me a call back. I told her that its important as we have a deadline we are up against. Made it seem important to hear from an attorney today. Kukkido- I got my shares from TD Ameritrade today. Yeah. Ill keep everyone updated.
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Post by vzveteran on Feb 24, 2016 19:01:25 GMT
Kukkido Check your email pal.
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Post by moonfiddler on Feb 24, 2016 20:03:58 GMT
I got a hold of CPM in California and talked to Mark C. Molumphy, a Principal at Cotchett, Pitre & McCarthy, is a native of the Bay Area, born in San Mateo, California. Molumphy joined Cotchett, Pitre & McCarthy in 1993, practicing civil litigation with an emphasis on complex business disputes, securities, antitrust, insurance bad faith, and products liability. www.cpmlegal.com/attorneys-Mark-Molumphy.htmlI expressed interest in doing two things: What would he charge me to draft a letter for the shareholders to Astellas and have them offer us a fair value for our Stock. Would CPM firm be willing to file the case for us, for free-because there costs are paid for by the court. I am awaiting an answer. I spoke to Richard, Layton and Fingers in Delaware also. I have a contact phone number and a name Sandy Rambo. She will get the correct attorney who works on these matters to give me a call back. I told her that its important as we have a deadline we are up against. Made it seem important to hear from an attorney today. Kukkido- I got my shares from TD Ameritrade today. Yeah. Ill keep everyone updated. Hi kukkido and all, We'll go along with whatever you all decide....and will certainly chip in to pay expenses, etc., for you, or anyone else taking the lead....and especially if you or vzveteran would want to contact Astellas directly for them to make an offer. If I understood correctly, from talking to Eric Andersen, this is a time period when we can negotiate with Astellas for a settlement (and it does not become public knowledge). I would imagine that Gary Aronson has already negotiated and settled, and we'll never know for how much. We do have to get organized....we're a loose bunch of renegades....and need a leader! Eric Anderson said he'd like to know by this Friday about going with his firm, but I think we still have time beyond that (within the 60 day limit). If we have to pay an attorney to represent us....he sounds good, I guess they all will want 1/3? (maybe we could negotiate slightly?). I think it costs $400 to file with the court, and a few other very minor expenses. Where is everyone that has applied for appraisal....? ICell doesn't seem to be working properly? Hope we can all join together and approach Astellas for an offer!
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Post by vzveteran on Feb 24, 2016 20:49:23 GMT
I tried to log in to iCell to let folks know what's going on here and maybe help each other out....Here's the message I got:....Hello Troll - are you miserable yet?
I think it's time to put the petty BS aside, and let those of us that want to come together and share information, that just may benefit EVERYONE.
MF I saw your post on iCell, looks like no one responded to it. Could you see if anyone is putting something together and let us know?
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Post by thechurchmaus on Feb 24, 2016 21:28:14 GMT
looks like gruner is lashing out because he is loosing his mealticket.
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Post by moonfiddler on Feb 24, 2016 21:34:08 GMT
I tried to log in to iCell to let folks know what's going on here and maybe help each other out....Here's the message I got:....Hello Troll - are you miserable yet? I think it's time to put the petty BS aside, and let those of us that want to come together and share information, that just may benefit EVERYONE. MF I saw your post on iCell, looks like no one responded to it. Could you see if anyone is putting something together and let us know? Hi vz, I tried, but don't have complete access to the site.....and haven't had it for at least a week or so?? I can't tell if anyone is posting about appraisals, etc....but it doesn't seem like much is going on there? The quietness there seems very strange.....unless I'm being partially blocked? It's in the best interest of us all to join together, and as I said, we'll sure contribute to whoever is willing and able take the lead. Even shareholders that have applied for appraisal and read the posts here.....where are you?.....wish everyone would chime in! Thanks again for all of your help!
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