Cataldo Capozza Seeks Leave to File Second Amended Complaint
June 27 2008 - 12:33PM
Business Wire
Cataldo J. Capozza, an original member and shareholder of NYMEX
Holding, Inc. (�NYMEX�) (NYSE:NMX), who filed a class action on
March 17, 2008, in the Delaware Chancery Court on behalf of all
NYMEX shareholders, announced today that his attorneys have sought
permission from the Court to file a Second Consolidated and Amended
Class Action Complaint in the action which provides substantial
details of the defendants� alleged breaches of fiduciary duty. A
copy of the complaint is available from the court or can be viewed
by clicking on the link at the firm�s website, www.whafh.com, under
the heading �NYMEX SHAREHOLDER LITIGATION.� Separately, Mr. Capozza
said that CME�s recently-announced plan to buy back $1.1 billion of
CME stock over the next 18 months and pay a $5 per share special
dividend after is wanting and that CME�s bid to buy NYMEX still
falls short of the true value of NYMEX shares. �It won�t help NYMEX
shareholders for CME to pile on debt to buy back its own stock and
pay a special dividend to try to get the price back to $119 per
share. Instead of buying back $1.1 billion of CME, CME would
accomplish more for NYMEX shareholders by raising its offer for the
NYMEX shares. A buy-back will not add long-term value to the deal,
and the price still undervalues NYMEX,� Mr. Capozza said today.
Demand for future contracts is strong and has grown in the first
half of 2008. According to the Commodities Futures Trading
Corporation, the oil futures market has tripled since 2004. �NYMEX
has demonstrated financial strength for more than a century and
does not need a special dividend buyout from CME that is inadequate
and unfair to NYMEX shareholders. The business of NYMEX is as
strong as ever. Now is not the time to sell out for a low price,�
Mr. Capozza said.
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