Quote from: Haplo on September 17, 2012, 01:29:50 AM

Quote from: Nolo on September 17, 2012, 12:57:05 AM

Excellent question. The only way what you can achieve what you are asking for is if a class action lawsuit is filed. A criminal undertaking by the Securities and Exchange Commission or the Justice Department would not allow for this result.

Basically a class action lawsuit would be filed against pirate and whoever else. At that point a lead or lead plaintiffs would be nominated, and the court would either grant or deny the Rule 23 Class Action lawsuit to proceed. The lead plaintiffs are just the names on the lawsuit basically. Now at any time the "plaintiffs" (all of the injured parties) could agree amongst themselves in the form of a contract as to how they will split any proceeds. At this point it could really only be decided upon a percentage basis after legal fees and litigation cost, as no one knows how much there actually is left.

Thanks! That clarifies things a lot. I had already figured that a % based agreement would be the only practical way to go about it. Do you have a ballpark figure of what we might be looking at in terms of total fees for a class action? Otherwise, would a criminal action cost us anything? I can see this possibly costing more than what we might stand to gain.

I'll be sure to send a BTC your way when I get the chance.

Attorneys fees range quite hugely depending on the case. Class Actions of this type are pretty much only taken on a contingency fee basis. The ethical rule for how much an attorney can charge only says that "the fee must be reasonable." This is in light of all of the circumstances in the case. Generally, a contingency fee of 33% is considered reasonable. This may include the cost of the litigation (court costs, expert witnesses, etc.) or it may not. That's negotiated between the clients and the attorney. And then in a class action case, the court usually must approve the fee since it can be so large. Now, in this case, I don't think anyone would claim that 33% is unreasonable. This is an extremely novel case. Never before been litigated. It will require countless hours of time and research.

But the good thing about a contingency fee case, is that there really isn't any downside for the plaintiffs if you lose, other than you lose. You don't pay the attorney fee unless you win the case. That's the very definition of a contingency fee.

The bottom line is how much does pirate have left? And I don't know how you find that out without hiring an attorney with expertise in securities fraud and doing some heavy duty investigation.

A criminal action doesn't cost anything, but you can't bring that yourself. Only a government employee such as a state district attorney/attorney general, or a U.S. Attorney. The good thing about a criminal case is that the bad guy can go to jail. The bad thing about a criminal case, is that it is not designed to compensate the victims. The SEC tries in these cases to do that, but that just isn't the primary goal of the criminal prosecution.

And any BTC tips are always appreciated. I haven't posted an address yet in this thread, so here ya go. Thanks again!

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