I would urge you to look at the following website www.stockskill.net for DETAILED information about a four billion dollar trial between the bankrupted NorthPoint Communications and Verizon Communications.

Not only is the entire story from beginning to end the classic Goliath VS David story (Big Business snuffs out Small Business) but the entire manor in which the trial has gone has also been about the "Big guy VS the Little guy"...The Stockskill.net website was diligently assembled by several hundred "little guys" with small (relatively speaking) positions in NorthPoint Communications stock, and VERY limited resources.

As recently as July 13th, an order denying defendant Verizon's motion for summary adjudication was denied. We layman did not know what that meant until we went to the Stockskill.net site, and learned basically that the Northpoint Estate was receiving a green light to proceed with Fraud charges (as well as the other original charges).

Again, it was the "big guys" (institutional holders, hedge funds and corporate bondholders) that bid and out-bid each other for the right to "fund" this lawsuit. An existing bondholder of record ultimately won, in exchange for 5.5% of any settlement, (6% for a jury award). The judge appointed a trustee, who alleged on many occasions that she represented ALL of the Northpoint holders, big and small alike as they were part of "NorthPoint's Estate".

We received (all organized on the stockskill site by one of the "little guys") many communications from the court appointed US Trustee, all pointing toward a trial to take place in front of a jury on July 29th.

You can not imagine the shock when it was announced just a few days before this date that the trustee settled the entire lawsuit for 175 million dollars. Now using only ruff math, out of the $175 million, I know that the trustee is to receive 5 million dollars, the law firm had already earned many millions hourly , the senior creditors will be paid ($50 million in claims), and the most senior bondholders will get .20 cents on the dollar. All other classes including the common stockholders receive zilch.

Now before you go assuming that this is simply uneducated speculators complaining of sour grapes, look at the stockskill website, do your homework, and you will see that from a legal standpoint, this case had tremendous merit, and should have gone on to trial.

Even up to the end, this remains a "big guy VS little guy" situation... Little guys like me are scrambling in last minute desperation to petition the presiding judge, Judge Carlson to not accept his trustees recommendation, and instead to go to trial. This would be a formidable task for any experienced lawyer, yet we keep persevering. I now spend my days in law libraries, desperately trying to learn how to file a motion "Pro Se" (new term I learned yesterday!!). All the while knowing that the clock is ticking (the judge will rule on the settlement within 40 days).

We little guys would like to see this matter go to trial, so that the REAL legal issues may be ruled on by the courts, and not have the possible "taints" that the current decision would leave me and others thinking. In the current environment, where every "little guy" feels victimized by corporate America, and "larger self-serving interests", allowing this settlement to go through, would only seek to re-enforce this unfortunate notion.

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