Chaparral Resources Litigation Update: Lukoil’s Settlement Payment Coming Soon


The settlement of the shareholder litigation after Lukoil (ticker: LUKOY) bought out the minority shareholders of Chaparral Resources, Inc. has been approved by the court this morning. We documented the litigation and Lukoil’s egregious behavior in September 2006, and wrote about the settlement this January.

The net settlement available for public shareholders should come to $1.80 per share. This represents a 31% increase over the price Lukoil paid minority shareholders and shows quite clearly the success, albeit temporary, of the oil giant’s attempts to depress Chaparral’s stock price. Eligible to receive it are only shareholders who held Chaparral stock at the closing of the merger in September 2006. Anyone who sold before the closing will not be eligible to receive a payment.

Claim forms must be received by the claims administrator by April 12. Payment should be made shortly thereafter, but the exact timing will depend on the number of claim forms that need processing.

Thomas Kirchner manages the Pennsylvania Avenue Event-Driven Fund (PAEDX), which owned shares in Chaparral Resources, Inc. through the closing of the merger.


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5 Responses to Chaparral Resources Litigation Update: Lukoil’s Settlement Payment Coming Soon

  1. Madeleine Cape says:

    Hey!

    I was a shareholder of Chaparall and help to the end.
    How do I get Claim Formsto file.
    need a quick answer seeing April 12,2008 is deadline.

    Thank you.

  2. philip winburn says:

    Hi did you get areply and was the deadline extended?I am in the u.k.

  3. Ron Holte says:

    I contacted company handling the distribution of the checks. I was informed that payment takes one to two years after the court settlement. Why the hell so long to write a check?

  4. We own 100 shares of stock since 1982. What is our standing?

  5. Tim Eriksen says:

    Received my check today. Almost $2.48 per share.

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