Settled: December 21, 2012
On November 30, 2011, Michael D. Zimmerman, an arbitrator for the American Arbitration Association, granted preliminary approval to a settlement in the amount of $4,580,000 in cash (the "settlement") in the above-titled class action, Case No. 74 115 Y 00419 11. Labaton Sucharow was approved as class counsel with Chimicles & Tikellis LLP and Gold Bennett Cera & Sidener LLP for plaintiffs Stephen Craig and Ira Gaines and the settlement class.
The Plaintiffs alleged that Apartment Investment and Management Company ("AIMCO"), and certain affiliated entities acquired a majority interest in Consolidated Capital Institutional Properties, L.P., ("CCIP") and breached their fiduciary duties toward unaffiliated limited partners who invested in CCIP (the "Unaffiliated LPs") by structuring a merger transaction that forced the Unaffiliated LPs to relinquish their CCIP investments at an unfair price.
You may be eligible to recover from this settlement if you held partnership unit(s) in CCIP as of February 11, 2011, the date of the merger of CCIP into an affiliate of AIMCO, including: (i) persons whose limited partnership interests were terminated and who were paid $4.31 for each CCIP limited partnership unit that they owned; (ii) persons who elected the Contractual Appraisal Right Option, but who have, pursuant to this settlement, timely elected to withdraw their appraisal request and to opt-into the class; and (iii) persons who executed the Waiver & Release requested by AIMCO in exchange for additional compensation.
If you are an eligible class member, and did not exercise appraisal rights, you will not need to file a claim form or respond to the notice in any way in order to participate in the settlement. Please review the Investment Data Form that accompanied the notice of the settlement. If any information in the Investment Data Form is incorrect, please notify the claims administrator, Eagle Rock Proxy Advisors, at the address listed in the notice.
If you previously requested appraisal in accordance with the Contractual Appraisal Right offered by AIMCO, you are not automatically a member of the settlement class. If you now wish to participate in the settlement, you may do so by completing and returning the Opt-In Form that accompanied the notice so as to indicate your desire to withdraw the request for appraisal and join (opt-in to) the class. After being completed, the Opt-in Form should be returned to the claims administrator at the address listed in the notice. The deadline for submitting an Opt-In Form is January 26, 2012.
If you believe that any part of the settlement is objectionable, the deadline for objecting to the settlement is January 20, 2012. A Settlement Hearing will be held on February 10, 2012 at 10:00 a.m. before Arbitrator Zimmerman at Boardroom 2, Building 5, Hilton Oakland Airport, One Hegenberger Road, Oakland, CA 94621.
If you requested appraisal of your CCIP units and do not submit a properly completed and signed Opt-In Form by January 26, 2012, you will not receive any portion of the settlement funds and will receive further information from AIMCO and its counsel regarding the time and place scheduled for your appraisal proceeding, at which time you will be able to submit your proof regarding what you believe you were entitled to receive in exchange for your CCIP units.
A copy of the Notice of Settlement and Settlement Hearing, Preliminary Approval Order, Stipulation of Settlement and Complaint can be accessed by clicking on the links to the right.