Litigation Release No. 18257 / July 29, 2003
SEC v. System Software Associates, Inc., Roger Covey and Joseph Skadra, Civil Action No. 00 C 4240 (N. D. Ill., filed July 13, 2000)
Notice of Proposed Distribution of Disgorgement and Penalty Funds to Investors in System Software Associates Stock
On July 17, 2003, the SEC moved for an order to establish a Disgorgement Fund in the amount of $316,205.38 plus accrued interest being held in the Court Registry Investment System ("CRIS") account in this case and to appoint an accountant as Special Agent for tax purposes for the Disgorgement Fund. The SEC also requested that after the Special Agent has calculated any taxes owed by the Disgorgement Fund and filed tax returns, and upon further order of the Court, all of the money in the Disgorgement Fund, less taxes and related expenses, be turned over to the Claims Administrator of the settlement distribution fund in In re Systems Software Associates, Inc. Securities Litigation, Master File No. 97 C 177 (N.D. Ill. Order and Final Judgment docketed Aug. 27, 2002) for the distribution on a pro rata basis to the class members who will receive proceeds from that fund.
On July 24, 2003, the Honorable Elaine E. Bucklo, United States District Judge, entered an order that any person wishing to comment on or object to the SEC's motion must do so in writing by filing their comments with the Court no later than August 25, 2003, with a copy to be served, by first-class mail, upon counsel of record for defendant Roger Covey and the SEC.
A complete copy of the SEC's motion (PDF format, 4.8 MB) and the Court's Order (PDF format, 91 KB) may be found on the Commission's website.