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SOURCE United States District Court for the Northern District of Ohio
CLEVELAND, Sept. 25, 2013 /PRNewswire/ --
UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO
United States Securities and Exchange Commission
Brantley Capital Management, LLC, et al.
1:09 Civ. 01906 (JSG)
SUMMARY NOTICE TO BRANTLEY CAPITAL CORP. INVESTORS
If you purchased the common stock of Brantley Capital Corp. ("Brantley") from March 31, 2003, through and including October 24, 2005 ("SEC Recovery Period"), and suffered a loss according to the Distribution Plan you may be eligible for a payment from the Distribution Fund.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. IF YOU SATISFY THE ELIGIBILITY CRITERIA, YOU MAY BE ENTITLED TO A RECOVERY FROM THE DISTRIBUTION FUND. THIS NOTICE CONTAINS IMPORTANT INFORMATION REGARDING YOUR ELIGIBILITY.
On August 13, 2009, the Securities and Exchange Commission ("SEC" or "Commission") filed a civil action against Brantley Capital Management, LLC, Robert Pinkas ("Pinkas"), and Tab Keplinger (collectively, "Defendants"). The Complaint alleged that between 2002 and 2005, Defendants substantially overstated the value of equity and debt investments in two failing companies that represented over one-half of Brantley's investment portfolio to generate higher investment advisory fees, made material misrepresentations and failed to make required disclosures regarding the two companies to Brantley's board of directors, independent auditors, and to investors. Pursuant to the final Judgment entered against Pinkas on September 28, 2010, approximately $960,000 was paid to the Clerk of the Court (the "Distribution Fund" or "Fair Fund"). On July 8, 2013, Commission staff submitted the Distribution Plan to the Court, and it was approved on July 29, 2013. Pursuant to the Distribution Plan, investors who purchased or acquired Brantley Securities during the SEC Recovery Period and suffered a loss may be entitled to receive a distribution from the Distribution Fund.
Who is Eligible?
If you purchased or acquired the common stock of Brantley ("Brantley Securities") from March 31, 2003, through and including October 24, 2005, and suffered a loss according to the Distribution Plan you may be eligible for a payment from the Distribution Fund. If you previously submitted a valid claim in the related Class Action Karpus Mgmt., Inc. v. Brantley Capital Corp., et al., 1:07-cv-01716 (JSG) (N.D. Ohio) and your claim has a Net Recognized Loss greater than $0.00 under the SEC Distribution Plan you do not need to file a Proof of Claim Form to share in the distribution from the Distribution Fund unless you wish to modify your claim. If you purchased Brantley Securities during the SEC Recovery Period and you: (a) did not file a claim in the Class Action; (b) filed a claim in the Class Action that was denied; or (c) filed a claim in the Class Action that was approved, but under the terms of the SEC Distribution Plan has a Net Recognized Loss less than or equal to $0.00, you must submit a completed Proof of Claim Form with the necessary documentation postmarked no later than December 11, 2013 to be eligible to participate in the Distribution Fund.
Obtaining a Distribution Plan Notice and Proof of Claim Form
If you believe you may be eligible and have not received a Notice of Eligibility informing you that you do not need to file a claim, you must submit a complete Proof of Claim Form to the Distribution Agent postmarked no later than December 11, 2013 to be eligible to participate in the Distribution Fund. Proof of Claim Forms will be mailed to potentially eligible claimants identified by the Distribution Agent. In addition, you may download and print the Proof of Claim Form from the Fair Fund Website at www.secvbrantleyfairfund.com, or you may request that the Distribution Agent send you a Proof of Claim Form by calling (877) 868-8230, emailing email@example.com or writing to SEC v. Brantley Fair Fund, Distribution Agent, PO Box 4234, Portland, OR 97208-4234.
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