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ION - ION Limited

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mikten

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I have recently received a cheque from DC Legal as part of the payout to shareholders in ION. DC Legal's fee was 73% of the amount recovered, which included a $550 fee paid in advance in June 2005 to DC Legal's predecessor Dennis & Co when the case first got under way. No credit was given in their account for this fee paid in advance.
I have emailed DC Legal seeking an explanation but have yet to receive a reply.
Are there any other participants in the claim against ION on this forum. What is your opinion of the size of DC Legal's fee.
 
Re: ION recovery from DC Legal

When did you get your cheque?
I haven't received anything from them 3-4 months now.
Doesn't surprise me in the least at the size of the fee extracted from the return, I was expecting about 2/3 of the recovery going to the lawyers.
Can you quantify the return in cents in the dollars invested.
Good to see that something has finally emerged nearly 10 years after the company collapsed.
 
Re: ION recovery from DC Legal

wooly1 said:
When did you get your cheque?
I haven't received anything from them 3-4 months now.
Doesn't surprise me in the least at the size of the fee extracted from the return, I was expecting about 2/3 of the recovery going to the lawyers.
Can you quantify the return in cents in the dollars invested.
Good to see that something has finally emerged nearly 10 years after the company collapsed.
Click to expand...

The cheque was dated 24/6/11.
The net return was 36% of the amount invested calculated at 45cents in the dollar of 80% of the cost of shares purchased after 9th September 2004.
DC Legal say that another payment may be received in the future in respect of those shares but if subject to the same degree of fees I'd be lucky to be able to buy a Big Mac with the proceeds.
 
Re: ION recovery from DC Legal

Just found your message. I was contacted by this DC legal mob earlier in 2011 re their taking up my case re ION. Their activity must have given a hurry up to McGrath Nichol (the administrators) who thought their golden goose was threatened. So they made the 45c direct payment to me about June and recently in Sep 2011 made another 3c payment. Follow "creditor information" at www.ionlimited.com because McGrath Nicol were to make another payment in Nov 2011 but between them and their lawyer mates they are sucking the carcass dry and notifed on 23/11 that they were in some legal action which was to be resolved on 29/11 of which there is no record on the net. Whichever way all of us turn we are confronted with lawyers and administrators costs.
 
Re: ION recovery from DC Legal

I see that a further interim distribution has been declared. 5c in $ to be paid by 31st December 2011.
Has anyone received a cheque yet?
 
Re: ION recovery from DC Legal

mikten said:
I have recently received a cheque from DC Legal as part of the payout to shareholders in ION. DC Legal's fee was 73% of the amount recovered, which included a $550 fee paid in advance in June 2005 to DC Legal's predecessor Dennis & Co when the case first got under way. No credit was given in their account for this fee paid in advance.
I have emailed DC Legal seeking an explanation but have yet to receive a reply.
Are there any other participants in the claim against ION on this forum. What is your opinion of the size of DC Legal's fee.
Click to expand...

You may like to contact me. I may be able to help.
 
ION - June 2012 distribution

Has anyone else on this forum, who is a D C Legal client, not received their June 2012 distribution?

I have sent two emails to D C Legal, but received no response.
 
Re: ION - June 2012 distribution

ION is in suspension for not having paid their listing fees. And other things I`d imagine.

Mcgrathnichol are the administrators. (03) 9038 3133
 
Re: ION - June 2012 distribution

Frances said:
Has anyone else on this forum, who is a D C Legal client, not received their June 2012 distribution?

I have sent two emails to D C Legal, but received no response.
Click to expand...

I am a DC Legal client as well, have not received a distribution or even received any further communication from them.
Waste of time emailing them - never respond.
 
Thank you Wooly.

I rang D C Legal this morning. They are expecting to make the payments very shortly.

Pressure of work, relating to other aspects of the legal challenge on behalf of shareholders, has caused the delay .

Depending on the outcome of legal proceedings, there is still a possibility that we may, down the track, be entitled to 100% of the creditors distribution. At present entitled shareholders are receiving 80% of any interim distributions that are made to creditors.
 
Re: ION - June 2012 distribution

wooly1 said:
I am a DC Legal client as well, have not received a distribution or even received any further communication from them.
Waste of time emailing them - never respond.
Click to expand...

Hi there,

Have you received anything since Wat about recently? Supposedly I heard they went to court and got the rest?

- - - Updated - - -

mikten said:
The cheque was dated 24/6/11.
The net return was 36% of the amount invested calculated at 45cents in the dollar of 80% of the cost of shares purchased after 9th September 2004.
DC Legal say that another payment may be received in the future in respect of those shares but if subject to the same degree of fees I'd be lucky to be able to buy a Big Mac with the proceeds.
Click to expand...

Hey,

have you heard anything from DC recently?
 
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