Parmalat investors and banks: nutshells VS tanks. US judge disappoints US purchasers.

The Parmalat case, "Europe's biggest bankruptcy".

BBC report: http://news.bbc.co.uk/2/hi/business/6918478.stm
Reuters report: http://www.reuters.com/article/fundsFundsNews/idUSN2637749220070726

BBC:"Parmalat collapsed with a 14bn-euro ($18.6bn; £9.4bn) hole in its accounts and a number of international firms and banks were caught up in the legal storm that followed."

In Italy we're slowly heading toward the trial - and to hopeful reimbursement for investors.
BBC: "Earlier this week, an Italian judge ruled that Parmalat's founder, Calisto Tanzi, and other former executives should face trial."

What about the American purchasers, then? No good news.

BBC: "US district judge Lewis Kaplan said much or all of the alleged improper conduct took place outside of the US.
Citigroup, Bank of America, Deloitte Touche Tohmatsu and Grant Thornton will now not need to face charges, he said."

Reuters: "'Where the United States activities are merely preparatory or take the form of culpable nonfeasance and are relatively small in comparison to those abroad, the securities laws do not apply,' Kaplan wrote.
This does not bar American purchasers of Parmalat securities from suing in U.S. courts, he said."

Imagine the disappointment of the investors and their representatives.

As to Italy, many many many Parmalat investors live in Parma and surrounding. They trusted the company. Many among them have been working or worked for it for years. It was something familiar.
Many lost a fortune or a life's saving.
There's even some who invested part in Parmalat and part in Argentina's bonds. And faced disaster!

Well then. I suppose it's a matter of tanks and nutshells.
A big Company, the Banks, the financial Advisers. These are the tanks.
Hundreds modest people with a trust in a name, in a handshake and in the future. These are the nutshells.

Who's going to win?