Here it is: "As of the date of this Twelfth Quarterly Report, the Receiver and the Investors’ class-action counsel have jointly reached settlements in principle with Astor Weiss Kaplan & Mandel (“Astor Weiss”), the law firm that provided services to Mantria Corporation, Christopher P. Flannery, an associate at Astor Weiss, Steven L. Granoff, Mantria’s former controller and accountant, and his former firm Krassentstein & Unger. The Receiver has also reached a tentative settlement with
Mantria Corporation’s former chief financial officer."
- Astor Weis
- Christopher Flannery
- Steven Granoff
- Krassenstein & Unger
- Dan Rink (tentative)
Now, all of these settlements will need to be approved by the court. Collectively, these settlements may yield, at best, a few hundred thousand dollars. After legal and administrative fees, fees to Alvarez & Marsal, what will the Receiver do with $150k?
Seems like all of this can go to paying the employees expense reports that have been sitting on credit cards for 3.5 years at 20%+ interest, or paying back the 401k and health insurance payroll deductions the principles used for the scheme, or....the point is this is not a lot of money. The court should not approve any collective settlement that is not in the multi-millions from this group.
If all of the above settlements are approved, the only remaining defendant is Tatum. Tatum and the Receivership are in arbitration that has gone nowhere. Arbitration, whatever this means in the context of the Mantria case has been going on for a long time and there are no dates for future arbitration sessions, so not sure how the Receiver can write that the Receivership is in arbitration. Tatum is just playing with the Receiver at this point and this will not get resolved for a very, very long time.