A NortPoint shareholder poses a question on how monies would be distributed from a settlement (or jury award) to a gentleman at the U.S. Trustee's office via a phone conversation on may 28
Greetings...
Many or all may be fully aware of the chain of events surrounding the upcoming settlement. I was not sure exactly all the options available so I called Ms. Schoennman's office ealier today.
An extremely polite gentlemen answered many of my questions.
As a shareholder if one filed a claim against the estate it would be dismissed most presumably, as shareholders are in essence filing a claim against themselves, so to speak.
The moey from the settlement would pay secured creditors, etc--those who have legitimate claims against the estate.
Shareholders are basically last, as we probably all know.
It would not be necessary to file a claim at that time. The "extra" funds would be handled through the transfer agent to shareholders of record. So if one has his shares in some brokerage account, the funds will be transferred to the shareholders of record. And I suppose if someone has the actual stock certificates, they would either contact the transfer agent at that time or the trustee of the estate.
I may have been the only one out in the dark, but hope this is helpful. It's a rather quick summary. It's been a busy, busy day.
Too, the gentlemen did encourage attendance at the trial.
I guess there is plenty of parking! It's about 877 miles from Idaho, but I am making plans...
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