I am uncertain to answer directly-
The plaintiff class suit action handled by a different law firm- The Trustee of ABFS estates was appointed by the US Bankruptcy court. In two separate law suit they both sue the defendant ABFS executive and Board of directors for fraudulent acitivty and deceived the investors. I do not know why the settlement split- I was told that is to fund them continue with their suit in order to get more money for the investor [I'm not sure that is true because the decision was made without the investors vote]
I beleive it involves chapter 7
yes- Those were back up by ABFS assets. Supposely the Sr collateral Notes have twice values as the regular notes because in Nov 2004 prior to ABFS declared its bankruptcy [1/22/05] it sent out notice announcing how well the company were doing and urge the investors to convert their notes into Sr. collateraql notes and 50 % of that notes to ABFS stock that give 10% interest. Thus literally the actual value in dollars of Sr. Collateral notes have twice of its surface value.
I was told that the objection filing is passed [2/1/09 or 2/2/09]. Though I have good reason that we did not receive notice on time . Last minute submission really make me nervous.
On 1/28/09 I have written letter to show my onjection to the firm. They also telephonically advised me that there was other people who filed objection with the court as to the equality of all various notes types and the amount of fees given to lawyers - The objector think 30% of 16.5M is way too much considering the investor retrieves 2.5 cent on a dollar. When I telephonically voiced my issue that I did not allow ooprtunity to raise objection, The firm said with other filed objection the Court may not allow such distribution anyway.
Would those above information adequately protected us under this circumtances?
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).