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Tidbits from Midas du Metropole
Hello GATA Members,
Here is a first reaction to the information that GATA chairman, Bill
Murphy, "let out of the bag" yesterday, namely that GATA is intent on
appointing the best law firm for the ACTION, Berger and Montague.
To: Bill Murphy
From: RH Saturday, Mar 6 1999 6:31PM
Berger & Montague. Whoa, these guys are winners! Were I the shorts when
I read those names, I'd just cover! Right then, no fights. Street
fighters! GREAT! To quote my grandfather, "I'd rather screw a bushel
basket of wet bob-cats than screw with them guys"!
- - -
So there you have it GO GATAs. The fight is on.
The GATA Committee want the best legal team, Berger and Montague for the
Action. And for that we need your contributions and your introductions
to other investors and miners who are going to recoup with you, through
GATA, after all those months into years of standing by knowing,
"Something is not right here; somebody is fixing the price of gold."
However, to get to the truth and win through is going to be a struggle
and is going to take money and lots of initiatives from GATA members. As
Bill Murphy put it in an email to me: "This is no lightweight potential
suit. We fight big money WITH BIG MONEY. Just note that we have had
great discussions with this lawfirm, but HAVE NOT retained them yet. We
need contributions and fully expect to get them."
The GATA Committee is going to post at www.gata.org a telling list of
Judicial Commendations for Berger and Montague.
Here is a small sampling for you to consider:
The standing of Berger & Montague, P.C. in successfully conducting major
securities and antitrust litigation has been recognized by numerous
In Re American Integrity Securities Litigation, CCH Fed. Sec. L. Rep.
Para. 94,738 at p. 93,989 (E.D. Pa. 1989), where Berger & Montague was
sole lead counsel, Judge Shapiro cited "the excellent results obtained"
and awarded lead counsel an additional multiplier "warranted by the high
quality of work including the management and coordination to avoid
duplication of effort and ensure a prompt and efficient resolution of
In re Art Materials Antitrust Litigation, 1984 CCH Trade Cases Para.
65,815(N.D. Ohio 1983), where the firm and Merrill Davidoff were co-lead
counsel, Judge Krupansky, who had been elevated to the Sixth Circuit
Court of Appeals, commented at p. 67,417:
"Finally, the court unhesitatingly concludes that the quality of the
representation rendered by counsel was uniformly high. The attorneys
involved in this litigation are extremely experienced and skilled in the
prosecution of antitrust litigation and other complex actions. Their
services have been rendered in an efficient and expeditious manner, but
have nevertheless been productive of a highly favorable result.
In Bogosian v. Gulf Oil Corp., 621 F. Supp. 27 (E.D. Pa. 1985), a
nationwide antitrust class action in which Berger & Montague was lead
counsel, Judge VanArtsdalen recognized the efforts of class counsel in
negotiating settlements including injunctive relief on the eve of trial
in the face of severe obstacles:
"As to the quality of the work performed, although that would normally
bereflected in the not immodest hourly rates of all attorneys, for which
one would expect to obtain excellent quality work at all times, the
results of the settlements speak for themselves. Despite the extreme
uncertainties of trial, plaintiffs' counsel were able to negotiate a
cash settlement of a not insubstantial sum, and in addition, by way of
equitable relief, substantial concessions by the defendants which,
subject to various condition, will afford the right, at least, to
lessee-dealers to obtain gasoline supply product from major oil
companies and suppliers other than from their respective lessors. The
additional benefits obtained for the classes by way of equitable relief
would, in and of itself, justify some upward adjustment of the lodestar
figure." 621 F. Supp. at 31.
In Charal v. Andes, 88 F.R.D. 265, 267 (E.D. Pa. 1980), Judge Bechtle
noted: "Counsel in this case are highly experienced in securities
litigation and have enjoyed nationwide respect in this area...."
In re Coleco Securities Litigation, Master File No. 83 Civ. 9199
(S.D.N.Y.), where the firm was the lead counsel, the court in approving
the settlement stated in its opinion at pp. 28-29: - "I just want to
comment on one thing and that is the point that has been made that the
litigation has been conducted without unnecessary frills or consumption
of time. And I must say that apart from my own observations of the
progress of this case I have consulted with the magistrate who shares
the same view.* * *I am satisfied that able and sophisticated counsel on
both sides have pursued the case on the merits and the fact that they
are being generously compensated for their efforts is entirely as it
In Gross, et al. v. National Liquid Reserves, Inc., et al., CCH Fed.
Sec. L.Rep. Para. 99,618, at p. 97,424, the court found that:
"Counsel...are highly respected members of the bar and have substantial
experience in shareholder class and derivative actions. Furthermore, the
court stated that 'the actions were resolved with great efficiency...'
at p. 97,246. . . .
AND SO ON
The whole account of Judicial Commendations of Berger and Montague will
be posted at www.gate.org as soon as possible.
For GATA, for Gold,
Boudewijn Wegerif "GO GATA"
Moderator, GATA Discussion Group.