Yes this case is being done on Contingency but the lawyer does not want to be stuck paying all the court costs and also putting time into the case for free as it might turn out if case is not won.
This sums up the risk/reward ration and we have a strong case.. in reality its going to depend on whether the Curacauo courts are fair.
Its easily worth the investment as we at least have 25% chance of winning the case ... if not higher... as long as the courts turn out to be soomewhat fair. To me personally its a no brainer to try to take this to court.
THIS PRETTY MUCH SUMS UP THE SITUATION FOR ANYBODY EVALUATING THE RISK REWARD RATIO
Every claimant has to pay 1% court fee, but with a minimum of $375. So the lower the amount owed, the higher is the court fee percentage.
Your claim calculation is as follows:
a) $150,000 owed: Invest $1,500 with the chance to receive $105,000 ($150,000 – $45,000 = 30% law firm contingency fee).
$1,500 of $105,000 = 1,4%! If the chance to win the court case is 1,4% or higher, it is worth to invest!
Other examples:
b) $30,000 owed: Invest $375 with the chance to receive $21,000 ($30,000 – $9,000 = 30% law firm contingency fee).
$375 of $21,000 = 2%! If the chance to win the court case is 2% or higher, it is worth to invest!
c) $5,000 owed: Invest $375 with the chance to receive $3,500 ($5,000 – $1,500 = 30% law firm contingency fee).
$375 of $3,500 = 11%! If the chance to win the court case is 11% or higher, it is worth to invest!
The lawyer do not get one cent from the claimants:
ALSO
1) Yes, he will now start the bankruptcy proceeding against Full Flush Poker in Curacao and pay the court fee + bailiff costs from his pocket and spend his time.
2) After the bankruptcy title, he is willing to start a court case against the 2 liable parties managing director and licensor in Curacao on a contingency fee basis for his efforts. If he will not win the case, he will not receive one cent!
Yes, he wants help for court case 2), because each claimant has to pay a 1% and minimum $375 court fee. So the total amount for all claimants who join (with larger amounts owed) would be over $5,000.
Yes, he do not ask for legal fees for him, he only ask for the court fees 2) he has to pay/forward to the court.
Roelof will now start the bankruptcy proceeding and I am confident that we will find a solution to start the court case as well, because why would Roelof pay the bankruptcy proceeding costs and then not start the court case.