Also wanted to add if you are playing puts on this one to be careful of the bid/ask it can get pretty wide, just be careful of where you get your fills as to not lose money right as you buy in!
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Forgot to call this on Friday but i sold all of these for around 72%, will scale back in around 117-118.
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3M EARPLUG LAWSUIT UPDATES:
September 20, 2022 Update: The settlement news yesterday was good. But just before those settlement talks, 3M executives were making statements to investors and financial analysts indicating that they are still clinging to the belief that they can settle the litigation in the bankruptcy court.
Kevin Rhodes, 3M’s Chief Legal Affairs Officer, gave a somewhat delusional presentation at the Conference last Wednesday on the status of the earplug lawsuits. The transcript - passed on to us by a veteran represented by another law firm - is a depressing read.
Rhodes casually brushed off the ruling by the Bankruptcy Court denying which rejected 3M’s bankruptcy strategy. Rhodes labeled the decision as “wrong” and noted that 3M’s appeal has been sent directly to the 7th Circuit. Not mentioned: it has little chance of success.
Rhodes went on to claim that the proposed bankruptcy trust fund of $1 billion is a fair valuation for all earplugs claims. He also has a funny bit where he complains - forgetting for a moment that we are in America - that jury trials are not the appropriate way to handle this litigation. The unspoken part of most of 3M’s arguments is that they have hurt so many people they should be given special treatment. 3M also complains that everyone is getting it wrong - multiple judges, juries, and financial analysts. Don’t you have to look in the mirror at some point?
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This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.
@sluzzo has asked for this to be reopened. It isn’t my job to ask why.
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