Thank you for your generous contributions to Leonidas LLC. We are pleased to announce that the appeal of the LMRDA settlement in North Carolina was withdrawn and the agreed to $5.5 million was deposited in our trust with the ASU Alumni Law Group yesterday, October 24, 2016. This now makes it possible to pay remaining legal fees and outstanding merger committee expenses, in addition to retaining necessary reserves for unforeseen contingencies. It also allows Leonidas, LLC the luxury of doing something we have never been able to do before, which is to ask our contributors to stop giving at this time.
It is important to note that additional expenses may be incurred during the coming months due to the ISL Dispute Resolution Committee and/or any litigation that might arise over the ISL award or its implementation initiated by any pilots or other organizations from the combined pilot group. As soon as Leonidas LLC is confident that no further expenses will be incurred, the remaining balance will be returned to the contributors or their survivors. The amount of the refund will depend on the amount of additional expenses incurred, but in the most likely scenarios, Leonidas, LLC contributors should recover a significant (if not the majority) of their contributions over the years to support the required litigation as well as the West Merger Committee. Refunds will hopefully be provided sometime during 2017.
In the meantime, we ask that you stop further contributions immediately. Thank you for your support and continued financial contributions to this important milestone.