According to the docket, on July 17, 2003, the Court entered the Order by Magistrate Judge Boyd N. Boland granting the motion for preliminary approval of the proposed settlement. On November 13, 2003, the Court entered the Judgment by the Clerk accepting the recommendation of Magistrate Judge Boyd N. Boland approving the settlement but withholding the determination of the reasonableness of the attorneys’ and costs. The Judgment further settled all the claims and the all claims were dismissed with prejudice. On May 26, 2004, the Court entered the Order by U.S. District Judge Walker D. Miller awarding plaintiff’s counsel attorneys' fees in the amount of $2,600,000 and expenses in the amount of $404,772.35, paid from the settlement fund.
Several purported class and derivative action lawsuits were filed charging Jones Intercable, Inc., and one of its former officers and directors with violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 14a-9 promulgated thereunder, and state common and statutory law. The complaint alleges that defendants made making false and misleading statements in connection with the solitication of proxies for the sales of the Partnerships' Systems. The false and misleading statements concerned the fairness of the transactions, the value of the Systems, the stability of market conditions, the conduct of the appraisal process, and whether the sale agreements were favorable to the Limited Partners. Because of the false and misleading statements contained in the proxy solicitations, the Limited Partners approved the Systems sales, to their detriment.
The class action lawsuit was filed on behalf of the Limited Partners of Cable TV Fund 12-B, Ltd., Cable TV Fund 12-C, Ltd., and Cable TV Fund 12-D, Ltd., as of May 12, 1998, and as of November 23, 1998; the Limited Partners of Cable TV Fund 14-A, Ltd., as of March 11, 1999; and the Limited Partners of Cable TV Fund 14-B, Ltd., as of December 21, 1998, who consented to the sales of certain cable television systems owned by those limited partnerships, namely, the Albuquerque System, the Palmdale System, the Littlerock System, and the Calvert System to a wholly owned subsidiary of Jones Intercable, Inc., through proxy solicitations issued by Jones.