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QUESTIONS ABOUT THE INITIAL DISTRIBUTION
- Who was eligible to receive payments in the initial distribution?
- Why did I only receive 80% of my award in December 2003?
- Will I have to pay taxes on this payment?
- Why didn't I receive a Form 1099?
1. Who was eligible to receive payments in the initial distribution?
Class Members who filed claims for their awards by October 27, 2003, were sent 80% of the amounts that they are owed on December 10, 2003. The balance of the amounts owed under the settlement will be paid at the final distribution, which will occur in July 2005. Class Members who did not file a claim form by October 27, 2003 but who filed a complete claim by October 27, 2004, will receive their full payment at the final distribution.
All Class Members who filed complete challenges by October 27, 2003, rather than claims, will receive any amounts that they are owed in July 2005. All Successors of deceased Class Members and individuals not in the database of Class Members also will receive any amounts they are owed at the final distribution.
2. Why did I only receive 80% of my award in December 2003?
The settlement provides for a two-part distribution in order to assure that the settlement trust funds are fairly and equitably distributed among all those with legitimate claims. Instead of postponing all distributions until after all challenges, successor claims and other matters have been resolved, the settlement is designed to put as much as possible of the award funds in the hands of Class Members as quickly as possible. It therefore provides for an initial distribution of 80% of the Class Member's total estimated award. The remainder of the settlement trust then will be distributed at the final distribution, which will occur in July 2005.
3. Will I have to pay taxes on this payment?
Appropriate tax withholdings will be made from Class Member payments. Class Members seeking individualized tax advice will have to consult their own tax advisers.
4. Why didn't I receive a Form 1099 in January 2004?
Class Members who received less than $600 in interest in the initial distribution were not sent a Form 1099. You can determine the amount of interest you were paid by referring to the Award Information section of the letter that accompanied your check. If you no longer have that letter, you can obtain another copy by requesting one in writing from the Settlement Administrator. Please include your social security number on any such request.
Note that all individuals receiving a check in the final distribution will receive a Form 1099 in January 2006.