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EMC, some have already sent questions already, for those very reasons, Stas20 sent in quite along list for example. If you have anything specific, send it to MC in advance.
As we are now imo in danger of getting into wild speculation, I am going to start with my list of questions - we can add to these if needed and send them to MC for consideration prior to the calls.
1. How much work have you conducted to date to know if we have a strong legal case?
2. Can you explain all the upfront costs?
3. Are there other fees (later down the line) that might need to be paid, on top of the 100 – 550 charges such as disbursements / expenses etc?
4. In the case of a win am I correct in that we would need to pay;
a. Your CEC costs?
b. Do you also envisage a success fee, what is the success fee, is it a percentage of the base fee, if yes what percentage?
c. Do you also expect to get a cut of the awarded damages on top of the above?
d. What percentage would you expect shareholders to receive against their original investment?
e. What percentage of your costs could we recoup from the opposition?
5. In the case of a loss are fees to be paid to the other side, who pays them or do we take insurance against this?
6. Will there be multiple cases, e.g. against Anavio, then against Directors individually, how will the case be structured?
7. Under what jurisdiction will we be fighting this case?
8. Assuming we win the initial case, is there a possibility to further fight for punitive damages (what about in the US this is COPL America that owns the assets). Punitive damages are for me almost more important due to the;
a. time spent,
b. stress
c. sleepless night,
d. distress for both me and family,
e. missed opportunity etc.
9. I note CEC (Barry legal) had a US attorney (Daniel Shier..) on his team is this still the case, can he be of help. – who will be on our team?
10. How do the various actors and support networks fit into the mix between CEC and Setford?
11. What plans does MC have as regards Media.
12. The CAG and the support base of 450 shareholders can be powerful to support, what can we do to support you further?
MF
I’m not aware of other issues. Please email what you’ve sent to MC to coplsharewatch@gmail.com and I’ll take it up with him directly.
RMB / Rod - With anything like 500 people accessing the Zoom meetings surely it is appropriate to list some questions/ suggestions beforehand and give these to Mr Cotter to address. Some people may not be confident in asking a question in front of a large audiance. Others may have a large number of questions. Some will wish to ask follow up questions on Zoom. Give as many people as possible a fair chance to ask a question. What do you think? If so, where do we post our questions?
The insurance picks up the tab if we can get it lloydy. Not Cotter.
Rbm. I still have not received the email. Is this still ongoing?
Think about this from Stas:
“you have to consider what happens in the case of a loss, who's going to be left with the fees that the opposition would wish to collect!”
It says everything in my opinion.
Lloydy
What I'm saying stas is we are stll at initially assessment stage. I am currently involed in a nwnf. Mr Cotter will need kings councel opinion before we get a yes or no and insurance. My opinion is we are paying for an initial case assesment and nothing more. We are just hopeful of having a case and may loose our fee if we haven't.
Thanks also for all you work /research and time you have put in. Much appreciated.
Folks, there are three zoom calls available this week, at three at different times in order to offer flexibility. Clearly, this guy WANTS to answer your questions, not hide from them. He probably knows what 90%+ of your questions will be, he’s an expert in his field.
It’s pretty clear that none of us on this board are experts in such legal cases, in fact it’s pretty clear that some haven’t a clue. Therefore, if you want all your questions answered factually, simply join one of the calls. If it’s not for you, that’s fine, your decision.
However, ‘debating’ such points when there is clearly no expert present to deliver any facts is pointless. With the first call due to take place in just 48hrs time, all that’s being displayed here is impatience or disruptive mischief.
Both a sad waste of a lovely Sunday.
Montofino your understanding of nwnf is I believe outdated. It is I believe normal practice to ask for fees to support external costs otherwise you can end up with very little indeed from a nwnf.
Additionally, my understanding is you generally do not get all your costs back from the opposition if you win, often maybe up to 70% or so. however again these are questions to be put to MC. I expect a win means all the fees of Cotter are covered (the base fee) plus a success fee paid which is often a percentage of the base fee, sometimes up to 100%.
I think for Cotter to support this he will be expecting a very very high chance of a win otherwise he would not go ahead, you have to consider what happens in the case of a loss, who's going to be left with the fees that the opposition would wish to collect!
I also read the email, hence the £15 admin comment.
Anyway, i'll wait for the Tues call as this is in danger of becoming a circular discussion and Finwit's 4 additiinal HNWI's adding another £2m loss to the pot will skew the figures once they join the group.
What might give some perspective to the number is what an average contribution would be based on the average loss of £25k. That would also likely increase people's willingness to join in as it should be under £300. We need everyone to support MC's efforts.
Ryan
I agree with a lot of your points however I honestly believe it is best for cag if the results are known before moving forward. This way all copl holders past and present are as one. I do find it unusual that fees for councel are being asked for. My knowledge of nwnf is that the case is assessed by the lawyer to which there will be a fee based on time/complexity. After that the Nwnf contract is offered if there are resonable chances of success. Usually at 25% of compensation plus all costs which should be retrieved from the other side if successful. Mr Cotter it seems to me wants kings councel opinion at home and Canada to assess the case. If it comes back at 50/50 this case wont get off the ground unless there is pre court deal we also would not be indemnified against losses. We could loose our money again here but we must go for it.
Obviously you don't get my question or you just don't want to get my question 😲🤔. I am fully aware and understanding of what the email says 😮
Exactly as Stas just stated and as I wrote.
Sorry if my writing style looks aggressive to you but I can’t fathom why you didn’t read the same email as I did and understand the tiers?
It’s clear that small loss individuals will pay just admin. Those with a few grand loss will again pay a reduced fee.
Anyway each to their own. Nobody is forcing you to recover your loss. You can walk away, join the action group that Cag have worked hard on, or try to go alone with your own legal representation.
I’ll take the group - strength in numbers.
Why not just read the email.
"On first review, the average investment size is in excess of £25,000.00, therefore I propose in order to fund the first stage of the action, we will have a banding in order to be a part of the group and fund the initial action, the banding will be between £100.00 plus VAT and £550.00 plus VAT , that is to say, no-one will pay more than that to be a member of the group and receive the benefit of the above and also, my specific on-going advice on receipt, to be delivered via a series of Zoom calls and other contact at your request.
Please note, I have seen a handful of investors who have invested less than £1000.00 please note if this is the case, you will not be charged a sign-up fee, you will merely incur a small fee (less than £15) in order so that I can verify your identity (as required by my regulator) via anti-money laundering software. "
They were waiting on the whole Summit court session to finalise before signing up to the action.
Maybe a weighted average contribution would be more appropriate, cut off at £1k or less were those below just pay the £15 admin fee.
My loss is in the ten's of thousands so i get duster's point about HNWI's in for hundred's of thousands also paying the same fee as myself.
Also, do we have our own KC in that group?
If not i'd
Don't twist things finwit - I just asked a simple question - will payment increase I'd some drop out and will will know before we make any payment 😲
Of course I want these scum bags brought to justice - I don't get why your getting shirty about my thoughts 🤔😮
And why have these hnw investors that you are aware of not registered as yet 🤔. Hmmmmm🤔😮.
Bizarre reply??
I didn’t say don’t put your thoughts out there, I said join the call and get your answers.
‘Upto £500’ - is that not what I just said? Some pay £500 some pay less?
I never had you down as someone that wouldn’t want us all to take action against these shysters.
Starting to not like your tone 😮
The email said pay up to £500 PER SHAREHOLDER.
if I want to put thoughts out thee I will 😲
Have a nice day. 😮
Absolutely get your point.
I suspect those who have lost small amounts won’t be paying the full £500. Often these Class actions have a tier to contributions with a max cap (that max cap might be £500 who knows?).
There’s strength in numbers as that triggers the media so lawyers often do a freebie for the lowest loss people. It’s not their first rodeo whereas for most of us it is. I’m sure they’ll know what to expect our questions to be and be prepared to give us all the confidence.
Otherwise don’t join it.
Yes I get your point but these are my thoughts that I thought may be worth sharing before the meeting so can be discussed here.
Finwittrader also I have lost a considerable amount ( for me) here but not as much as £500k so these 4 individuals will only pay up to £500 legal request - maybe they could afford to contribute larger amount 🤔. Just saying 😮
Duster. Why don’t you just join the Zoom call as you’re guessing on the outcome.
Ask your questions, listen to Michael Cotter speak and go from there. I know of at least 4 HNW individuals who have lost over £2m combined who are going on the call as they’ve not registered yet.
Ultimately people can choose. Walk away and take it on the chin. Join the fight and see your money returned.