Found this post on MARCELLUSROYALTYACTION.com. Has anybody heard anymore? Thought there would be lots of comments. I know that I will be opting OUT!!!
The settlement is only in Chesapeake's favor. This class action, along with any other settlement, will change your lease forever. Once you accept a settlement that allows them to take any deductions, then you are giving them the right to take them forever, even if you think that your lease is a NO DEDUCTION lease. You also give up your right to certain future lawsuits against Chesapeake.
Watch for the notice in the mail. It is not junk mail, and affects your future. OPT OUT!!!! Do not give in to Chesapeake.
NOTICE OF PRELIMINARY APPROVAL OF CLASS SETTLEMENT IN DEMCHAK PARTNERS CLASS ACTION AND OF DECEMBER 17, 2015 DEADLINE TO OPT-OUT OF PROPOSED CLASS SETTLEMENT
If you receive royalties from Chesapeake based on a lease that contains a Market Enhancement Clause, you should be aware that the Court entered an Order on October 2, 2015 certifying a Settlement Class and preliminarily approving the proposed Class Settlement in the Demchak Partners class action case, and establishing December 17, 2015 as the deadline to exclude yourself from the Class Settlement. For more information, see our FAQ page titled How Does the Proposed Class Settlement in the Demchak Partners Clas...
My lease clearly states that the Lessee shall not deduct for producing,gathering.storing,seperation,treating,dehydrating,compressing,processing,transporting and marketing. If i accept this settelment and all these deductions stop, I would think that would be a good thing to have happen. Isn't that what we are all complaining about? If i do get one in the mail, the first thing i will do is talk to the attorney that wrote up our lease and have him explain just what the hell it says. Should be interesting.
Sircdric, Do you have the market enhancement clause? This settlement does not stop deductions. It only reduces them. Once you take the settlement, that gives them the right to take out the deductions at a reduced rate,no ifs, ands, or buts. Regardless what your lease says. Even if you are not receiving royalties yet, it still affects you.
Our lease was reviewed by 2 lawyers before we signed. We thought we knew what we were signing. No deductions unless they enhanced the gas to get better price. So far we do not know what they are doing to enhance the gas, but they are taking out deductions . They say that the Kilmer case gives them the right to take deductions. It is our take on it against theirs.
So you had a good lease but Chesapeake took deductions anyway.
Now they legalize the fraud & theft of PA landowners by using the court system.
I would opt out "Yesterday" and keep the names of the lawyers who made this possible to ensure I don't fall victim to them again in the future.
Let the few share the 7.5 Million and eventually we will get it right.
40% for the lawyers, a percentage for the lead Complainants, fees & expenses, Expert Witnesses, Forensic O&G Auditor, and a little something for those landowners who were robbed.
I can guarantee they didn't recover their losses.