The total value of the settlement, including all administrative costs and attorneys fees for class counsel, is $1.5 million. The press release indicates an interesting twist regarding the timing of the company's payment of the settlement:
The $1.5 million will be paid $100,000 within 30 days of final approval of the settlement by the court and the balance in 36 equal monthly interest bearing installments beginning 30 days thereafter.That translates to a payment of just under $39,000 per month.
Dynacq's outside auditor, Ernst & Young, was previously dismissed from the litigation and is not a party to the settlement.
Chitwood Harley Harnes LLP and Milberg Weiss Bershad & Schulman LLP are lead counsel in the Dynacq litigation.
Daily Trivia: According to Forbes annual survey of the "Most Expensive Hotel Rooms," for $39,000, you could get one night in the penthouse suite at The Setai in South Beach, Miami and one night in the Presidential Suite at the Mandarin Oriental in New York.
The Setai's penthouse takes up the entire 40th floor of the hotel, with 6,500 square feet of interior space, and 3,000 square feet of balconies. Don't forget the private pool and your own butler, Andrew Marston, formerly of Buckingham Palace.