Here is our latest newsletter:
May 23 2025 update
Dear members,
Regarding the recent offer from a law firm to conduct research on brokerages for potential spoofing and short selling issues, Jordan and I have thoroughly discussed this opportunity and identified several concerns. Firstly, the requested $125,000 fee is solely for evaluating whether certain brokerages engaged in misconduct like spoofing and naked shorting. We believe this research may not be necessary and could pose limitations, particularly since participation requires having accounts with specific brokerages. Given our diverse membership, including those with accounts at international brokerages, this may exclude many members who sold AMC shares but had accounts elsewhere.
Secondly, the fee is non-refundable and covers only the initial evaluation. If the investigation uncovers viable legal claims, the firm may pursue third-party litigation funding. Under this arrangement, a financial firm would cover the lawsuit costs in exchange for a percentage of any recovery, typically 2-3 times their initial investment. For instance, if legal fees amount to $20 million, the total charge could reach $60 million. Any recovery would then be distributed among participants, potentially resulting in only a fraction of the recovered funds going to each participant, depending on their losses.
Moreover, this case would be filed in New York, and it's uncertain if this jurisdiction aligns best with our pursuit of justice.
Our primary focus remains on pursuing a fraud case related to Project Popcorn and overturning the Delaware case based on concealed fraud. We have meticulously researched and prepared a case focusing specifically on this fraud, aligned with the highest legal standards established by prior Supreme Court decisions.
While we presented this option to all members in our last email, Jordan and I personally may not participate in this route. However, for those interested in pursuing the brokerage route, you will need to raise funds independently. Please note that participation in one legal route, such as the brokerage case, may disqualify individuals from participating in another case due to legal complexities.
Based on our survey responses so far:
4 members have pledged $900-1200.
10 members qualify and wish to participate but have not pledged funds yet.
7 members acknowledged the email but did not indicate their decision.
26+ members and their families do not qualify or are not participating, excluding Jordan and myself.
13 members reported not receiving our last email; adjustments to email settings may have caused this issue. For example, if your email folders classify incoming emails as spam, junk, or social, some settings may automatically delete these emails, including ours, especially upon logout.
To ensure you stay informed, even if emails are missed or misrouted, please log into our private area on the site weekly, particularly every Monday, for the latest updates. Replying directly to our updates (not through the site) can also help prevent future emails from being classified as spam or junk.
For those considering the brokerage route, please contact Etan, who manages the fundraising program for that initiative.
If you encounter any issues accessing the private area, here is the password: AMCProjectPopcorn0.666
The private newsletter is: https://amcprojectpopcorn.com/newsletter
Thank you for your continued engagement and support as we navigate these important decisions together.
Sincerely,
AMCProjectPopcorn team
May 17 2025 update
Dear members,
As we carefully consider our options for legal representation, we recognize that not every lawyer or court is ideally suited for our case. Your input is crucial in guiding our decisions. Therefore, we are sharing all options and conditions presented by lawyers to gather your insights. Note that some members may not qualify to participate. For example, I do not qualify to participate as a member in this potential case.
Currently, we have received an offer from lawyer Mr. Pollack. Here are the conditions:
- The law firm Warshaw Burstein LLP ( https://www.wbny.com/) and attorney Alan Pollack (https://www.wbny.com/Alan-Pollack),
- They are interested in evaluating potential broker misconduct, including spoofing, naked shorting, and other forms of market manipulation.
- To conduct their research and evaluation, they require a non-refundable upfront fee of $125,000. This fee covers $25,000 for each of their 4 expert witnesses to investigate the validity of these claims, with the remaining $25,000 allocated as the firm fee.
- After completing their investigative research and evaluation, Mr. Pollack indicated that third-party litigation funding may be pursued. Under this arrangement, a third-party funder would cover the costs of the lawsuit and, in return, receive a percentage of any recovery based on their initial investment before shareholders are compensated.
- Third-party funding entails a firm paying lawyers' case costs and charging a fee from any potential payout in addition to their upfront investment. In essence, the total potential charge from the third party, including their fee, could be about 2-3 times their initial investment.
- Important: Participation in this potential legal action is limited to individuals who have sold AMC shares (whether some or all) between January 1st, 2022, and December 31st, 2024. Mr. Pollack, his firm, and our team are NOT advising anyone to sell their shares but are structuring the case around those who have already done so, a critical element for this type of cause of action.
- Again: No one is advising or suggesting that any shareholder buy or sell their shares.
- Note that some members may not qualify to participate. For example, I do not qualify to participate as a member in this potential case.
- Please feel free to reach out with any questions or comments. Additionally, please let us know if you meet the requirements (sold AMC shares from January 1st, 2022, to December 31st, 2024) and would like to participate so we can gauge interest.
- For your due diligence, below is a hyperlink to a matter Alan Pollack is currently handling in the Southern District of New York before Judge Schofield:
https://www.courtlistener.com/docket/46947528/harrington-global-opportunity-fund-limited-v-bofa-securities-inc/ - We are also in discussions with another 7-9 law firms regarding Project Popcorn, legal malpractice, breach of fiduciary duty, etc. We have requested that these firms respond to us by May 21st, 2025.
- Furthermore, we encourage you to reach out to potential lawyers specializing in criminal law, fraud, security, and malpractice.
- We also need members to assist us in reaching out to the FBI, DOJ, and members of the administration.
Your feedback and participation are greatly appreciated as we continue to pursue justice.
We look forward to hearing from you.
AMC Project Popcorn