Cohen Milstein Hausfeld & Toll, P.L.L.C., Announces Tentative Partial Settlement of Delgratia Mining Shareholders Litigation.SEATTLE--(BUSINESS WIRE)--Dec. 10, 1998--The following was released today by Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C. An agreement to settle in part the shareholder class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving Delgratia Mining Corporation, a Vancouver, B.C. based junior mining concern, was reached this week, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Steven J. Toll of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., who chaired an executive committee of plaintiffs' counsel. Toll announced that in exchange for the release of the company and select defendants, Delgratia has agreed to issue 2.5 million shares of its common stock for the benefit of the class. Delgratia has also agreed to reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. up to $500,000 for costs and expenses incurred and to be incurred by counsel in the prosecution and the settlement administration of the case. Toll stated, "Given Delgratia's difficult financial situation, and the lack of any officer and director liability insurance, we believe this recovery represents a reasonable negotiated resolution. The 2.5 million shares equates to roughly 20% of Delgratia's issued and outstanding stock, thus providing class members with the opportunity to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. a portion of their losses. In addition, it allows class members to participate in any upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside to Delgratia that might occur should the company turn itself around now that the burden of this litigation has been put behind it." The Class is comprised of persons who purchased Delgratia common stock between Nov. 18, 1996 through May 19, 1997. Toll said that the litigation will continue against the non-settling defendants, including former Delgratia President and Chairman of the Board of Directors Charles A. Ager, and several entities controlled by Ager. Toll stated that he expects the Notice of Settlement will be sent to class members in the next few months once the settlement documentation is completed and the Court authorizes dissemination of the Notice. In addition to Cohen, Milstein, Hausfeld & Toll, PLLC PLLC Professional Limited Liability Company PLLC Polk Life and Learning Center (Bartow, FL) PLLC Partners of Limited Liability Corporation , as chair, the other firms comprising the executive committee of plaintiffs' counsel are: Weiss & Yourman; Wolf Haldenstein Adler Freeman & Herz, L.L.P.; Bernstein Litowitz Berger & Grossman; and Abbey Gardy & Squitieri, L.L.P. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion