Bloomberg View columnist Matt Levine posted an article this morning in regard to the 2015 court order for David Murdock to pay an additional $2.74 a share, plus interest, due to a class action lawsuit against him when he had taken Dole Food Co. private.
I'll let you all read the article, but when shareholders submitted their forms for payment there were claims for 49,164,415 shares. The issue with this was that the action only covered 36,793,758. This meant that either people were lying or that something was off. It turns out that the people weren't lying and that there were indeed several issues that led to this discrepancy.
After you read it, I'd be interested to hear your ideas on how the involved brokers will ultimately deal with this mess. Can the current system solve it fine as the author states? How will the short sellers, those no longer with us, and closed accounts be handled - who's really on the hook? What are your thoughts on using blockchain within our industry - what are the pros and cons?
