A surprising turn of events last friday. According to Paul Schaink, one of the joint liquidators of the firm, there’s a deal with the insurance company AIG. It will cover most of the estimated EUR 126 million claim against former board members. Details of the settlement will follow in a few weeks.
Judge decided in 2013 it was indeed a case of maladministration bringing down the firm, by especially Richard den Drijver and Hans Kroon. Board members are liable, but the Van der Moolen insurance policy covered most of the damage for both gentlemen.
Land of confusion
Confusion in the press. One newspaper (DFT) brought the news Den Drijver and Kroon could walk without any financial pain. The other one mentioned the board members had to bleed as well (FD). And third, Quotenet had a phonecall with a grumpy Hans Kroon.
Van der Moolen shares not worthless?
It’s still unknown for which amount the claim has been settled with AIG. At least it appears a lot of people will receive substantial amounts. Frank Vogel (GSFS) will top the list. Apart from the usual suspects, it may be possible some cash is left for shareholders.
Yes, a long shot. But with 42 million shares outstanding, there’s not much fantasy required for a few cents compensation per share.