RE: Dividend vs class action There are Cdn class action lawyers, if they like the case then they just need a lead plaintiff to get started.
I still naiively think that a dividend will be declared. This LFD is small potatoes for the main guys, they have so much on the go. Seem odd/crazy to me that they would risk their reputation on it. I assume that they are thinking it through now with their lawyers, but a div would need a BOD meeting to declare it with the dates, and they might be waiting until the money is in the bank. No need to rush on their part!
The material to be voted on was very very specific as to the 10 cent dividend. It wasn't a possible outcome, it was the vote.
And if this did get to the class action stage, a good lawyer I think would argue that there has not been any change in control, and therefore these massive payouts are not valid. I am pretty sure it requires a change in control to validate them, but they of course will take them unless they are stopped. And sadly we dont have regulators who care about anything but lunch in Canada, the OSC is useless... so it has to be legal or bad publicity to make it happen.
just my thoughts... the mkt certainly says no dividend or we'd be over 15 cents.
good luck!
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Iguess the thing that bothers me is ZERO communication from LFD IR .. nothing. they don't return e-mails etc etc.. so this is not a good sign IMO.. but very hard for me to think that they put this to a vote .. the vote is taken .. and no div is paid out after the money is in the till.. so one as you say will wait..if they somehow wiggle out of this.. this really shows me we are playing in a gambling casino and not a stock market.. also will show me that NR's mean nothing. .. also why vote on any SH issues when the rules can be changed at will.. just does not add up?? The regulatory bodies sure give the little guy a hard time when one up ticks at the close . but when something like this happens they just bend over and let the big boys play em.. and you wonder why retail investors have said I am out and over all trading VOL is down.. prime example is what we are dealing with regards to LFD.. and if the regulatory bodies do not start acting in a more professional and policing manner more will leave .. they just need to make a few examples of a couple companies and this would bode well.. will it happen?? .. I doubt it . I do have a couple very good lawyer friends that may want some new auto's so will see how this plays out..