Ossieoverseas - I quote in part from your Post
"All unitholders who participated in the class action were informed that they would be the only beneficieries, or in other words, those who did not join in the class action would not be a beneficiary."
This too is my understanding of the contract between individual unit holders as at 29/01/2008 and IMF, that signed up on or before the cut off date 03/08/2009. Those unit holders that subsequently found it necessary to sell all or part of their holdings would still retain their entitlement to participate in any IMF recoveries in line with their holdings as at 29/01/2008. As for any other unit holder, should WC be qualified holders & had signed up by due date, then they too would be eligible to participate in any recoveries.
I recall, probably from an ASF post, that there was an amendment to some IMF criteria {dates?} - benficiaries however remain only those that signed the IMF litigation agreement,[and have not since opted out] parcipating according to the units held units as at 29/01/2008. I do not believe WC is able to subrogate any CA recoveries to include ARL or any other Investor that may have come on board after 29/01/2008.
I also recall, a posted suggestion that any recoveries made would be paid to the RE for re-distribution to qualified unit holders. If this recollection is correct, I do not support any RE being involved as this only provides another avenue to extract fees - IMO any recoveries should be settled directly with unit holders in accordance with their holdings as at 29/01/2008. In order to run this CA, I surmise IMF would be privy to this data base.
My records are incomplete following the demise of the ASF forum - perhaps someone {Seamisty? Marcom? Selciper?} could clarify the current situation if I have got it wrong.
Seasons greeting to one & all.
OCV
octaviar limited
