Provides Copy of Secret Settlement,
Confirming First Version of Terms
Responding to the motion of the Forum’s representative Cavan
petitioner for the court to clarify the terms of Dell’s settlement
with the clients of Lead Counsel,
Dell finally agreed the day before a scheduled court hearing to
provide a copy of the actual written agreement for confidential review.
provisions of that confidential June 24, 2016, written agreement
appear to be consistent with our previously reported understanding of
the oral summary provided by Dell during the June 27, 2016, private
teleconference on which the court based its approval.
actual agreement does not support Dell’s second version of the
settlement, described in their response to Cavan’s motion
as a payment for the release of rights to appeal only two decisions: (i)
the May 11, 2016 court decision that dismissed Lead Counsel’s clients
based on voting and (ii) the May 31, 2016 decision denying interest to
those and other dismissed clients.
court action was no longer required to learn the terms of Dell’s
settlement, the Cavan motion has been withdrawn. It is assumed that
the court will now be able to enter its final order and judgment in
the case so that claimants can either accept their payment or appeal.
Claimants considering either appeal or a negotiated release of rights
to appeal should of course confer with legal counsel and, if
appropriate, communicate with Dell’s representative to explore a
November 17, 2016
Chairman, The Shareholder Forum
Madison Avenue, New York, New York 10022