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Sonoro Invest S.A. v. Miller

United States District Court, D. Nevada

October 2, 2017

SONORO INVEST S.A., a Panamanian corporation, Plaintiff,
v.
ROBERT MILLER, an individual; ANDREW SHERMAN, an individual; COSTAS TAKKAS, an individual; and STEPHEN GOSS, an individual, Defendants, and ABAKAN, INC., a Nevada corporation, Nominal Defendant.

          David Marder, Esq., Sherli Furst, Esq., Michael A. Kolcun, Esq. ROBINS KAPLAN LLP James Patrick Shea, Esq. Armstrong Teasdale LLP Counsel for Plaintiff Sonoro Invest S.A.

          Christina C. Tizzano, Esq. The Chilcote Law Firm LLP Patrick J. Reilly, Esq., Andrea M. Champion, Esq. Holland & Hart LLP Attorneys for Defendant Andrew J. Sherman

          Adam Jacob Yormack, Esq., Kirill Mikhaylov, Esq. Hall Prangle & Schoonveld LLC Attorneys for Defendant Robert Miller

          Benjamin Calkins, Esq., Thomas L. Anastos, Craig A. Newby, Esq. McDonald Carano Wilson LLP Attorneys for Defendant Stephen Goss

          Mark D. Hunter, Esq., Maximiliano D. Couvillier, III, Esq. Black & LoBello Attorneys for Defendant Costas Takkas

          ORDER PRELIMINARILY APPROVING SETTLEMENT AND PROVIDING FOR NOTICE ECF NO. 148

         Whereas, Plaintiff in the above-captioned shareholder derivative action has made an unopposed application pursuant to Fed.R.Civ.P. 23.1(c) for an order: (i) preliminarily approving a settlement of this action in accordance with the settlement agreement dated August 10, 2017, which sets forth the terms and conditions for the proposed settlement and dismissal of this action with prejudice, and (ii) approving the form and content of the Notice to be sent to current Abakan shareholders directly via first-class mail;

         WHEREAS, all capitalized terms contained herein shall have the same meanings as set forth in the Settlement Agreement (in addition to the capitalized terms therein); and

         WHEREAS, the Court has reviewed and considered the Settlement Agreement;

         NOW, THEREFORE, IT IS HEREBY ORDERED:

1. The Court does hereby preliminarily approve, subject to further consideration at the Settlement Hearing described below, the Settlement Agreement annexed as Exhibit A to Plaintiffs unopposed motion, including the terms and conditions for the settlement and dismissal with prejudice of this action.
2. A hearing ("Settlement Hearing") shall be held before this Court on Dec 14, 2017, at 9 a.m. to determine: (i) whether the terms and conditions of the Settlement Agreement are fair, reasonable, and adequate to current Abakan shareholders, (ii) whether a final order and judgment approving the Settlement Agreement should be entered, and (iii) whether the reimbursement of the requested attorneys' fees and costs to Plaintiffs counsel should be finally approved.
3. The Court approves, as to form and content, the Notice annexed as Exhibit B to Plaintiffs unopposed motion, and finds that the distribution of such notice substantially in the form set forth in this Order meets the requirements of Fed.R.Civ.P. 23.1 and due process, and is the best notice practicable under the circumstances and shall constitute due and sufficient notice to all persons entitled thereto.
4. Within ten (10) days of the Court's entry of this Order, Abakan shall cause the Notice to be sent to current Abakan shareholders directly via first-class mail, the cost of which shall be borne by Abakan's insurance carrier.
5. All papers in support of final approval of the settlement shall be filed with the Court at least thirty (30) days prior to the Settlement Hearing, and any reply papers shall be filed with the Court at least ...

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