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Vonage I did not participate in the IPO, so I haven't seen the IPO agreement you received.
However,
I did not participate in the IPO, so I haven't seen the IPO agreement you received.
However, I have researched a few IPO's before (and simple research into Vonage, their competition, and their business model is what kept me from this IPO. Vonage was and is too risky a venture for my blood).
Anyway, a standard clause in most IPO agreements is that, if you do not pay for the stock in a timely fashion, the holding company will sell the stock at then-market prices, and either refund you the difference if the market price is higher than the IPO price (minus a fee), or you will owe them the difference if the market price is lower than the IPO price.
It would be the same if you bought, say, a house - then decided to default on the mortgage. The bank would sell the house for whatever it could collect, and come after you for the difference. If you decided after the purchase that the house cost too much, or that something was wrong with the house, then refusing to pay the mortgage will just get a bank mad at you. Defaulting doesn't change the fact that you signed a contract to purchase that house, and that you (not the seller) borrowed money, and that you may or may not have been legitimately defrauded (an issue between you and the seller, not you and the bank).
So, in this case, you would legally owe them the difference between the IPO price and what they sold the stock at. You legally owned the stock at the time of IPO, then you defaulted on the loan the holding company offered you for the purchase, so they repossessed and sold the asset for what they could get for it. Now, eventually, they'll probably come after you for the difference.
Whether you choose to pay out on that obligation is a matter between you, the holding company, Vonage, and all the lawyers and collection agencies that may or may not get involved. Most likely, you will receive a dunning letter or phone call from the holding company at some point, then they will turn it over to a collection agency if they don't get their money.
You signed a contract. If you feel that contract is fraudulent, then you need to take action to get it nullified. If you do not take said action, then it is assumed that you are simply not fulfilling your obligations.
I doubt a class action suit will scare them off. Class action suits come out of the woodwork EVERY time a stock IPO's then drops, which is caused by enthusiastic amateurs buying up a stock, desperate to be in the all-important "IPO Set" and blindly assuming that IPO = moneymaker, then the same amateurs learning a hard lesson about concepts such as "risk", "research", "profitabilty" and the fickle finger of fate called "Wall Street" which is so random that the first three don't always apply like you'd think they should.
Class-action lawyers LOVE this kind of thing, because if they can win, they get 20-40% of a HUGE settlement all going to their pocket. It's risky, but it doesn't take a lot of time to file one, and the case doesn't need merits to be filed, only enough angry people who have just lost money to get on board.
Ah, well. Keeps 'em off the streets and out from behind ambulances for a while, anyway. Exhaust fumes from ambulances have to get old eventually, I guess. ;)
Read The Full Thread: My Unpaid Shares were Sold!
• I have no idea what to make of this.
Today, I received a SOLD order confirmation
• Just checked. UBS sold the ones they say I owned to at 10.96. I guess they wanted
• I have not received any request for payment, aside from that mass e-mail that Vonage
• After thinking this over, this is my observation of why SB sold the unpaid shares
• Same story here. They [SB] dumped mine at 11.90 something (don't have it in front
• A bad check (or a stop-payment) will usually trigger the deadline prematurely.
That
• Vonage is back up to $9.00 and still climbing. Guess there's so many people out
NateHoy posted "I did not participate in the IPO, so I haven't seen the IPO agreement you received.
However," on 06/20/2006 |
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