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Cataldo Capozza Announces Schedule for Completion of Expedited Court Proceedings
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YARMOUTH, Maine--(Business Wire)--
Cataldo J. Capozza, an original member and shareholder of NYMEX
Holdings, 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 he has hired Cindy Doxsey as Chief
Executive Assistant to review court proceedings.
Capozza said, "The recent announcement by CME and NYMEX of the
revised merger agreement and the shareholder vote on August 18, 2008
offers nothing new to NYMEX shareholders since it maintains the
original exchange ratio and cash consideration per share offered in
January 2008. It also requires NYMEX, not CME, to pay NYMEX members
$750 million from company assets. NYMEX is buying seat rights for CME
with its shareholder cash reserves. CME should be paying this expense,
not the NYMEX shareholders. If NYMEX has extra cash available, it
should pay a special dividend to NYMEX shareholders to make up for
billions of dollars lost in this deal."
In August 2007, NYMEX Chairman Richard Schaeffer valued NYMEX at
$14 billion. Five months later, in January 2008, he negotiated the
sale to CME valuing NYMEX at $11 billion. Today, despite record
results reported by NYMEX, the sale deal is worth only $7 billion
because of the sharp decline in the price of CME stock.
"With new management in place, I am confident that NYMEX would
have much greater value as a stand-alone company," Capozza said.
Cataldo J. Capozza, 239-261-2169
Copyright Business Wire 2008
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