RE:Class Action Stupidity. I was against the KDI deal.
But it's over - a sunk cost that should be ignored when looking ahead.
A class action will never happen, but talk of it is enough to scare potential buyers off and hurt the share price. So it is like shooting yourself in the foot. Or in MPVD's case, in the crotch.
Assuming that the plaintiffs would represent the holders of ~160,000,000 shares pre-KDI, the $175 million suit mentioned would result in less than $1 per share payout, after costs. Brilliant, huh? Risk bankruptcy for ~$0.85 PER SHARE? Unimaginable stupidity.
And of course the idiots have given no consideration to what the bondholders would do if such a suit was initiated. Think they would not want that $175 mil?
Stupidwithage wants billions, which would surely bankrupt MPVD, he wants to shoot himself in the head.
One thing you can be sure of, DeBeers loves all this, they would love nothing better than to buy us at bankruptcy court prices.
"Let's bankrupt the company so DeBs can buy it for pennies."
The stupidity is monumental.
Thank God it won't happen, but in the meantime it glooms the share price - a$$holes.
The real class action should be against these few idiots for torpedoing the share price.