Jump to content

AnnG

Members
  • Content Count

    6
  • Joined

  • Last visited

  1. Thanks, harrylime. Actually, as I have continued researching this topic today, I discovered that a class action suit was brought against "Company ABC" (investor fraud) starting in 2009--two whole years before my broker recommended this stock. Raises many questions, indeed. btw, that class action suit was dismissed. Boy, was I ever stupid.
  2. Thanks LegalwriterOne. This just caught me totally off guard; I have never heard of anyone having to repay dividends. Thanks again.
  3. Thank you LegalwriterOne. This gives me a place to start on Monday. In your personal, non-professional opinion, if this were your situation, would you just pay up the 5K and forget it or risk losing more money going to a lawyer. Thanks again--much appreciated.
  4. oh, forgot. This is in the State of Idaho and I didn't find any Securities lawyers in the Boise area.
  5. Thank you RetiredinVA and adjusterjack. I received the letter on Saturday and am trying to get an idea which way to go Monday morning. The First Amended Joint Plan of Reorganization was signed by Judge "X". and the effective date of the Plan was Feb. 3, 2014. The Plan created the "Y" Trust and "John Doe" became the trustee . I owned shares in 9.25% Series B Cumulative Preferred Stock in "Company ABC" and received dividends which were contained in my 401(K) rollover account. Total value of the shares at purchase was 30K. Purchase was a recommendation from the broker we had at the time. The letter I received states " The Creditor Trustee is preparing to initiate lawsuits (no later than March 31, 2015) to recover Dividends paid to holders of Preferred Stock during 2011 and 2012 as fraudulent conveyances. In an effort to quickly and amicably resolve the claim against you for recovery of the Dividends, without the time, cost and expense of litigation, the Creditor Trustee offers to---" and then proposes settlement of 75% return of the Dividends I received and signing a "SETTLEMENT OFFER AND ACCEPTANCE FORM. Another interesting portion of the letter states: "Although this letter offers a settlement, any of the terms of the settlement offer contained herein are inadmissible pursuant to Federal Rule of Evidence 408. Nothing contained herein should be construed as an admission of fact or law by the CT." I think that gives you the general idea. I lost my entire investment in "Company ABC." The amount in question is 5k+. Since I live on SS, should I just pay this and be done with it?? Thanks for any input you wish to provide.
  6. I owned stock in a rollover IRA account. Purchase recommended by broker. Co. went bankrupt. Had preferred stock so broker thought investment would come out OK with re-organization (Chapter 11). Lost a third of my modest retirement fund. Accepted the fact and just moved on. Yesterday, received a letter notifying me that I am being sued for return of dividends paid during 2011 and 2012, the years I owned the stock. Reason: the company should not have been paying dividends or something; this predated the bankruptcy filing. Do I have to repay this money?? How do I stop the proceeding against me without repaying the dividends? How in the world would I know a company should not pay dividends?? Thank you
×
×
  • Create New...