After taking into account the various parties contributions to the settlement, the company accrued $6.5 million for the quarter related to this proposed settlement in addition of course to associated legal expenses. As you may recall, the litigation related to our 2011 recapitalization transaction, which allowed our largest investors THL and Goldman Sachs to convert their Series B preferred stock interest into common stock and common stock equivalents.We all know that this is a positive transaction for MoneyGram as evidenced by the overwhelming vote of support, 94%, from the unaffiliated shareholders. While we would have preferred no litigation at all, we feel this settlement is a good result which enables the company to avoid future costs and put this matter behind us.
MoneyGram International's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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