I''ve reached 48 so far representing atleast 4.4million invested. There are 16 people on my list who haven't yet told me the projects and amount they have invested so technically I've reached more. Hopefully I can get in touch with everyone to determine amounts invested soon!
I sent this letter out to the investor group today:
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Dear Shire Investors,
I have had sufficient interest at this time to move forward with group legal action. Being on my investor list does not require you to join this action. I will continue to provide accurate information to all investors.
For those of you interested in pursuing the legal option, here is where I am at:
1. I have retained counsel of Mr. John Blair of Borden Ladner Gervais. Mr. Blair is recognized as one of the best securities lawyers in Alberta. He has significant experience in this type of case and regular interaction with the ASC. His bio can be found here: http://www.blgcanada.com/home/our-professionals/B/Blair-John
2. It is important that we establish a couple of point people to interact with Mr. Blair who will ask questions on behalf of the group and then disseminate information to the group. This keeps legal costs low by making good use of Mr. Blair’s time answering questions once instead of spending hours answering the same questions to dozens of individuals. I have taken on this responsibility thus far. I would be happy to be one of the point people going forward but am looking for someone else to step forward at this time as I am a new mom on maternity leave.
3. Mr. Blair’s retainer is $7500 at this time. If you are interested in moving forward, I will be asking you to assist in paying a portion of the retainer. To facilitate this, we will have to work out a trust account situation of which the details I am just learning about. I’ll be talking with Mr. Blair a little more about how we set this up as I don’t want anyone to send me money directly. I will also send each investor interested in legal action forms to sign to indicate that you accept Mr. Blair as your representation in this matter and that you accept myself and/or any others as the administrative point person for the group. Again, I would be pleased if someone would like to step forward to assist me.
4. Legal fees will be allocated to investors who move forward with legal action according to the amount invested in relation to the total amount invested by the group. For example, if you invested $75,000 as I have and the group legal action represents $3,000,000 then my contribution to the $7500 retainer would be $187.50. If your investment was $10,000 in this scenario, your fees would be $25 at this time. The more interested parties going forward means lower fees for all.
At this time, I am asking you to indicate:
1. Your interest in moving forward with retaining Mr. Blair as your legal representation
2. Your consent to sharing your contact information and investment information with Mr. Blair
3. The amount invested and in which projects if you have not already shared this information with me. I will be asking you at a later date for documentation.
4. Your support and assistance in moving forward if you would like to volunteer in sharing the load of my efforts.
Moving forward with retaining Mr. Blair as our counsel and filing a group statement of claim is no guarantee that you’ll recoup your investment. This is the first step of many in determining what and if may be recoverable. We may determine that it is worthwhile going forward through the entire process or we may come to a decision to abandon legal action at anytime during the process. It is not a matter of whether investors would win a claim at this time, but rather what capital may be recoverable as a result of a judgment in our favor.
Time is of the essence, so please get back to me as soon as possible. Also, please pass this information on to any other Shire investors that you may know.
