Description: General Information about the RVA Litigation
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The proposed Settlement, if approved by the Court, will provide a $9,200,000 Settlement Fund from which to pay: (1) claims of eligible class members who held Archon Corporation (“Archon”) exchangeable redeemable preferred stock as of the close of business on August 31, 2007, (2) attorney fees and expenses, and (3) reimbursement of notice costs, and claims administration fees. Additionally, Plaintiffs will ask for up to $50,000 in incentive awards for Dan Raider for his contributions to this lawsuit and if
The Settlement resolves a lawsuit. The two sides disagree on whether the investors could have won, and if so, how much money they could have recovered.
Plaintiff and Defendants, and their counsel, have concluded that the Settlement is advantageous, considering the risks and uncertainties to each side of continued litigation. The significant cash benefits under the Settlement must be considered against the significant risk that a smaller recovery – or indeed no recovery at all – might be achieved after a heavily contested litigation and appeals process, contested motions, a contested trial and likely further appeals. This litigation could be expected to la