Delays in Management of Dell Appraisal Case
reported a month ago for progressing with the Dell appraisal case
have been delayed, but we have established a sound foundation for
collaboration among the non-conflicted petitioners and there is a
reasonably good chance that the case can be resolved without an
extension of the court’s schedule for hearing valuation arguments in
relates to our review of information relating to valuation that has
been developed during the past few months of investigation by Grant &
Eisenhofer, which had been appointed lead counsel in the case before
it was discovered that the firm’s petitioner clients managed by T.
Rowe Price had reportedly voted their shares in favor of the Dell
buyout. It is necessary for the other petitioners and their attorneys
to become familiar with the valuation information, since it has become
increasingly clear that Grant & Eisenhofer’s duties to its clients in
defending the eligibility of their appraisal claims will make it
impractical for them to also represent the interests of the other
claimants in their undisputed rights to appraisal.
Unfortunately, Grant & Eisenhofer has not responded to repeated
requests for cooperative communication, so that we will now have to
rely upon more formal processes to require their compliance with the
provisions of the court order obligating lead counsel to provide this
information to all petitioners.
positively, the Forum has agreed to work with legal counsel for all
the other petitioners to provide reporting of non-confidential
information to any Dell claimants or representatives who ask to be
included in the Forum distributions. This will include regular
quarterly progress reports and news of any major developments, as well
as responses to participant questions or information requests.
Although this kind of reporting is unusual for litigation cases, we
and the attorneys representing other petitioners believe that this
process for keeping investors informed and hearing their views will
benefit both claimants and those who are responsible for their
continue to welcome your questions and suggestions, and look forward
to reporting what is established during the next few weeks to assure
efficient progress of the case.
July 2, 2015
Chairman, The Shareholder Forum
Madison Avenue, New York, New York 10022