Poseidon Concepts Corp POOSF

Website Update

[alkhor]

The website says distribution before the end of September while the e-mail I received says it will be by September 7th. Don't know which one is correct.

August 25, 2020 update: All the claims have been processed.

Next step: Determine the amount available to distribute to the eligible shareholders, as well as complete the calculations in accordance with the Claims Distribution Protocol.

We are confident that we will be able to distribute the funds to eligible shareholders before the end of September 2020.

Kindly note that the Net Settlement Amount will be distributed pro rata, therefore, it is not possible to estimate one (1) eligible shareholder’s payable amount until all the calculations have been completed.

Please note that final decisions will be sent shortly by email to the email address provided with the claim submission, or by mail should there not be an email address available. We will update this website once we have sent all the decisions.

We appreciate your patience.

For further updates, please visit the website again.

[alkhor]

I'm assuming the distribution will be based on the losses each shareholder incured rather than a payout per share. I don't know how many shareholders applied for the class action, some may not have bothered as any settlement may not have been worth their time and effort, but assuming everyone applied the payout will average $0.30 per share. This is also assuming the lawyers and fees are in

[terroir]

You are correct, the payout, whatever it is, will be based on losses, not shares. Certain losses have more weight depending on the date the purchases were made, for example after the initial prospectus offering. I would speculate that they take the total value of accumlated and weighted losses to fix the payout ratio. i.e.  net funds available for payout divided by the total weighted

[alkhor]

I don't think they will weight the loses, a loss is a loss no mater when you bought. The payout should be your loss divided by the total claims times the total payout.

[Kherson]

Payout will be based on when you bought and when you sold.  Kherson

[dabqs]

Hey Kherson, Many years ago when news broke of the fraud at Poseidon you were all over this board claiming you were going to get most of your money back and I told you then that you would get back only pennies on the dollar! What have you got to say for yourself now? Dabqs