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An initial distribution of the McKesson HBOC and Arthur Anderson Settlement Funds occurred in May of 2008 (the “Initial Distribution”). In the Initial Distribution, a total of $550 million of the Settlement Funds was distributed to Authorized Claimants whose claims were deemed to be Valid as of December 13, 2007.
By Order dated April 27, 2009 the Court approved a second distribution of the McKesson HBOC and Arthur Anderson Settlement Funds and a distribution of the Bear Stearns Settlement Fund to all Authorized Claimants (the “Second Distribution”).
On October 7, 2009, Second Distribution checks comprising the remainder of all Net Settlement Funds were mailed to all Authorized Claimants. The remaining Net Settlement Funds included the following:
approximately 45% of the McKesson HBOC and Arthur Anderson Settlement ($453 million);
the entire Net Bear Stearns Settlement Fund ($7.6 million);
and restitution and penalty funds recovered from the Securities and Exchange Commission and the United States Attorney’s Office, (approximately $6.02 million).
Authorized Claimants who did not receive an Initial Distribution are entitled to receive both the Initial and Second Distribution amounts. Authorized Claimants who received an Initial Distribution are entitled to an amount representing a pro rata share of the additional approximately $466 million being distributed at this time.
Under the Court approved Plan of Allocation, the total distributions to each Authorized Claimant from the Net Settlement Funds represent a pro rata share of the available funds. This calculation was made by dividing each of the Claimant’s Recognized Claim by the total Recognized Claims of all Claimants and then multiplying the result by the amount of the available Net Settlement Funds.
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