NFL ; I'm Mad as Hell and I'm Not Going to Take it Anymore!

Things have gone from the ridiculous to sublime , as it relates to the lockout ! Negotiations fail, owners "lock out " the players , players request and are granted an injunction in Federal District Court, facilities open, the "Draft " is held and lo and behold the owners seek and are granted an interim stay by the Circuit Court of Appeals effectively " restoring lockout status".
If this doesn't convince you that the NFL only cares about themselves and doesn't give "a rat's ass " about the fans....then nothing will. We're being played like a yo-yo...and to be honest I'm sick of it. I boycotted the draft, and I may very well boycottt the season ; Well, we will see.
All I can say is with our collective voices, let's hit them where it hurts..."Their pocketbooks"!

AIG; "Only in America" !

Remember AIG..? The derivatives market? Financial collaspe? Near bankruptcy? $182 billion taxpayer bailout? Yup, that's the one.
Well, to AIG's credit they have paid back all or nearly all the bailout money. I might add, not "an insignificant sum"! In case you didn't know, when AIG took the bailout $ they gave up their rights to sue the banks over the mortgage securities crisis . But, guess what? They did not give up their rights to sue the managers of those deals nor did they give up their rights to sue over the $40 billion in mortgage bonds that they had purchased directly from the banks.
So now AIG is going on the offensive. They are suing ICP Asset Management and Moore Capital for "billions of dollars". More suits to follow of course !
We have a yiddish word for that...Chutzpah ! Yes, the same company whose ass was saved from the fire by U.S. taxpayers, can now sue and potentially collect(and keep)billions. Only in America! Don't look now, but the stock market is creeping up on 13,000.

Raj Rajaratnam Trial; Jury Going into Day 4 of Deliberations....What do you make of it?

So as the jury goes into day 4 of deliberations, much is being made on their focus on the " replays of the wire tap recordings" of phone conversations between Mr. R and the "alleged insiders".
Here's my spin on that. Let's assume the defendant collected legitimate info on a merger and also collected "tainted insider info " on the same merger , and then trades and makes a healthy profit . What proof if any does The Prosecution have that defendant traded on "the illegal vs. legal information". And I'm not splitting hairs.. I see it as an acquittable issue. Real question is whether defense counsel pressed this point and whether jury is intelligent enough to understand it
My personal opinion is that jury will not buy it and will convict on most major counts. Your thoughts?

NFL Players Obtain Order Enjoining Lockout.

Well, the torture to us die-hard fans continues. Legal wrangling, an injunction, no communication between players and management, "bad-blood", greed, the draft in virtual limbo...All, of course over the allmighty dollar. It's almost as if this whole "injunction, application for a stay, interim appeal scenario" has to run it's course so the NFL and Player's Union can say to their members that they did their jobs!
Football is so wildly popular(and so ingrained in our culture) , that us fans really have no leverage. People want to go to games, tailgate, watch on tv, go to parties and bars and play in "their fantasy leagues . So, unlike what happened in baseball about 15 years ago, it is doubtful us fans(suckers) will stop watching NFL Football.
So for now the lawyers, negotiators, owners, etc will have have their fun, check on their "strike insurance" , and will ultimately settle this thing on the 11th hour.
Be interesting to see how the terms of the ultimate settlement differ from those prior to "the lockout". Your thoughts?

Goldman War Stories Revisited; One of My Favorite Cases.

One of my favorite cases occurred about 10 years ago. I represented a latino chef in a discrimination suit against one of our two major league baseball teams in New York. In addition to suing the team and executives ,I named the majority owner individually in the action. We filed suit in Supreme Court, Bronx County.
Defendants of course were represented by the biggest , baddest defense firm known to mankind. They attempted(unsuccessfully )"to paper me to death".
After answering interrogatories we attended a preliminary conference. A discovery order was issued(over objection) compelling depositions "of all parties", including the majority owner. After two adjournments, my motion to strike defendants' answer for failure to appear at court-ordered ebt's pending and the World Series around the corner....the case was settled.
Get this ;Reinstatement plus full back-pay. For me , a legal fee, 5 sets of tickets for the following season...and yes, I got to sit in the dugout while settlement papers were being executed at "The Stadium ". Surreal moment!
This has been another edition of "Goldman War Stories".

Arbitrators are getting Smart; Watch out Wall Street !

Smith Barney, a division of Citigroup just took an arbitration award "on the chin "to the tune of $54.1 million, including $17 million in punitive damages. The decision[award] was notable for several reasons. First, the investors were wealthy and assumed to be sophisticated. Secondly, the arbitrator rejected " the old you were warned in the prospectus defense". Lastly, the investment "which went south " , on it's face appeared to be a very conservative investment.
Maybe, this will be a major chink in the armor of "wall street's excessive fees, churning, conflicts of interest and we get rich and the customer gets fuc__d mode of operation.
Interesting, apparently the attorney out of Beverly Hills who represented plaintiffs has won 16 straight! More to come.
Your thoughts?

Madoff Revisited; The SEC's Oversight of Madoff "was sloppy, uninformed,irresponsible and defied common sense, But The SEC Still can't be Sued!

Two investors sued The Securities and Exchange Commission under The Federal Tort Claims Act in New York alleging that The SEC was "grossly negligent " in it's handling of "The Madoff Investigation "between 1992 and 2008.
While Federal District Court Judge Laura Swain agreed that the SEC's investigations of Madoff over a 15 year period had been "flawed in numerous respects" , she dismissed the action concluding the action was barred by the "discretionary function exception " to the Tort Claims Act. She did go on to note that plaintiffs failed to identify any mandatory duty that the SEC violated. Interesting to see if plaintiffs will seek leave to amend their complaint to "identify a specific duty " that the SEC violated.
Either way, case was and is a "real long-shot "! Hey, another paying case for the attorneys.
Wonder if attorneys, Herrick, Feinstein advised plaintiffs that this was basically an unwinnable suit....Your thoughts?

Galleon Case Goes to Jury Monday.

The case against Raj R , Galleon Hedge Fund manager goes to the jury Monday. "Let everyone get the holidays out of the way" and come in fresh Monday a.m. Both sides spent considerable time and resources prosecuting/defending the case, so I truly hope the jury spends sufficent time deliberating, running through the evidence and listening to fellow jurors points of view.
Too important of a case to base conviction/acquittal on a quickie decision. Never know what's in the mind of jurors !

Galleon Insider Trading Case; Defense has Rested, Both Sides Have Summed up and Case Will Go to the Jury.

In what one could describe as the biggest, most intensive and most vigorous prosecution of a Hedge Fund money manager on"insider trading charges " in history a lot is at stake beyond the obvious question for the jury on whether to convict or acquit Raj Rajaratnam. If convicted, will that give the Government the confidence and momentum they need to prosecute others. If he is acquitted of all major counts, will that dissuade Prosecutors from investing the huge time, money and resources needed to prosecute cases of similar type and magnitude. Only time will tell.
Regarding the case at hand, I believe it will all come down "to the tapes". Were they clear, how did the defendant come across on the tapes? Brazen, arrogant, cocky, sneaky or secretive ? Since Mr. R did not testify at trial, the tapes are the only true way for the jurors to listen to him, analyze him and judge him. If they dislike him they will convict...if not they may not convict. Obviously , we didn't hear the tapes.
In any event, my opinion....Conviction on all major counts! ....Remember, the defendant is not OJ Simpson being tried in L.A.

Your thoughts?

Knicks vs.Celts; Carmelo put the Team on his Back, and Carried Them...Just Couldn't Quite Get Them Home!

Last night you saw a tremendous, courageous performance by not only "Melo " but the entire Knick squad. They were outmanned, out-talented, away and without Amare and Chauncey. The performance by Melo was "one for the ages". Did anyone say Bernard King ? Forty two points, 17 boards...no quit in him!
I dare anyone now to say they still don't like the trade. Jeffries played the game of his life(except for the last pass where he should have shot), Tony Douglas, Turiaf, Shawne Williams, Walker, Carter....A true cast of no-names. The intensity reminded me of the 90's. Still, with 2 gutsy performances in Boston, " no W's ".
Boy, I love these guys...But, I sure hope we can make a series of it when we get back home Friday.
Will the Garden be rockin? Your thoughts?

Gulf Oil Spill Litigation Revisited;The True Problem is lack of "Strong Documentation".

The Gulf Oil spill was a horrible environmental disaster. Thousands and thousands affected, businesses ruined, fish, sealife and wildlife affected probably for generations to come. Billions of dollars in actual losses. British Petroleum has "taken it on the chin" legally, financially and via extreme damage to it's reputation worldwide.


We've all seen many environmental disasters during our generation, and no matter what your overall criticisms are of BP I honestly believe they did act quickly(albeit incompetently) to stop the spill, clean it up, assess the damage , develop community relationships and set up a $ 20 billion "claims fund " for damages. Well of course life is not perfect, and the man's firm heading the fund(Kenneth Feinberg) is being paid $850,000 a month by BP. Most claimants feel they're being lowballed, "the claims procedure is unfair and tainted", etc, etc.. To me , while the claims procedure is far from perfect, there is little doubt than it is much better to receive $100 today vs. $250 in 5 or 10 years. That is what every "John Doe Shrimper or Fisherman " is facing. Is BP using that to their advantage ? You bet your as_ they are! But what other alternative is there?


In my opinion the two biggest problems plaguing the integrity of the entire claims process are;


1. Potentially fraudulent claims, and


2. Lack of strong financial, tax and economic documentation to support the "claimed losses".


Here's the issue in a nutshell. Many, if not just about all the "Gulf Businesses " are purely cash. So as a seasonal business owner who is cash-based, prepares his or her tax returns, the natural (I'm not saying honest) inclination is to lower your sales, which in turn lowers your profits which ultimately lessens your tax liability. Make sense? I would bet you dollars to doughnuts that with some "creative accounting " many of the businesses actually show losses. That's all well and good , except if God forbid a huge oil spill takes place and a litigation and claims process ensue. You, for better or for worse, are stuck with your tax return figures. Nothing you can do about it!


So this is why it looks like an individual who really is losing $50,000 ,( but his tax returns showed a loss for 2007 and 2008), "is being lowballed by BP ". These factors coupled with BP's fear of "the good old-fashioned fraudulent claim" have diminished the ultimate effectiveness(lower payouts, mistrust, etc.) of the fund.


Did anyone say "cut off your nose to spite your face"? Short of going back and filing amended tax returns for years past(1040x"s), what really can be done? It's a "no win situation". Your thoughts?

Knicks; Loss to Celts was Painful, but we now know We can Play Quality Playoff Basketball on the Road

I'd been looking forward to last's night's game for over a week. First playoff game in 7 years, first winning record in 10 years. All weekend I waited...Six games before ours. Yanks, rain, Kobe, upsets! Finally 7 0'clock Sunday night rolls around. Food ready, kids and wife appeased so they can't bother me. I hide in my upstairs tv room. First choice; Do I watch TNT where Marv Alpert is doing the game or MSG where Kenny Alpert(Marv's nephew) is doing game with Clyde Frazier. No brainer; I flip on TNT! So I'm wondering , how will Amare and Melo play in their first big Knick series? And Chauncey...? Well , my questions were answered quickly. The Knicks came out younger, stronger , more energetic and more athletic. And they decided to give Rondo "wide open shots". I like the same strategy for game 2 as well. We saw great, old-fashioned playoff hoops from Boston, and the Knicks almost went wire to wire. Did somebody say Ray Allen? The Knicks never folded, never withered, never choked, never succumbed to the pressure or intensity and nearly survived a horrible second half from Melo. Amare was far and away the best player on the court. In the end they lost a very tough game one on the road in front of a hostle crowd..But you know what ? They belong there! Should be fun Tuesday.

Knick Fans get a Grip; Boston is a much better Matchup than Miami.

Let me start out by saying that I am excited and totally looking forward to the Knicks-Celtics first round matchup...not to mention the next 2 months of NBA Playoff Basketball. I truly believe "the Knick series" will be entertaining and competitive . Don't ask me if "competitive " means 1 win, 2 wins or more. Can't and won't predict! All week long on "sports talk radio " fans have been calling in saying "we match up better" with The Heat. Fans, get a grip! While Boston is Boston, and they still have "the big 4", they are older, hurt and not nearly as athletic as Miami. Allright, allright I know they have 3 Hall of Famers, play great team ball and lock you down in the 4th quarter. But the Heat are younger, faster, quicker, more athletic and have a "very hungry Lebron" and "a very hungry Wade ". Not to mention Bosch, who is looking to shine in this playoff opportunity. No, I just can't agree. I, ( in my wildest dreams), can see the Knicks beating the Celts in 7. But, no matter how hard I try I can't convince myself that we can "beat those studs from South Beach". Just can't. Anyway, sit back, let the palm moisture start....Cause Sunday night live from Boston...it's showtime!

Ok, Prosecute Bonds and Clemens...But let the "Wall Street Guys " Walk !

Don't get me wrong , I don't feel the slightest bit sorry for Bonds or Clemens, despite their present legal headaches. While this is a "sad culmination of their careers", they dug their own ditches and neither will ever be accused of being "poster children " for "how to make friends and influence people". Both have been extremely arrogant and have treated most like shi_. But despite that, I can't help thinking that the crimes they have been accused of (and Bonds convicted of) are truly "victimless crimes ". So why has the Government spent millions and millions to prosecute these "former megastars"?One has to then recall the credit crisis since 2008...How many executives, hedge fund tycoons, bankers or mortgage executives have really been as aggressively prosecuted as Bonds and Clemens? Did anyone say near collaspe of the world's financial markets? Talk about crimes with victims....Doesn't get any worse ! So were the "investment bankers of the world spared so not to derail "the bailkout package"? Close ties to Washington? Wimpy prosecutors? Who knows ? All I do know is that a disproportionate amount of time , resources and money has been spent prosecuting two former jocks who gave us a lot of thrills, but now will never see the light of day in Cooperstown. Should have remained "a baseball problem". Doesn't add up for me. Oh well.... Your thoughts?

The Bonds Verdict ; Everybody a Loser!

So the verdict in the Bonds Trial is in! I admit it...I was wrong. I predicted acquittal on all counts. Well, Bonds was convicted on the least serious of all charges, " obstruction of justice ". Hung jury (no pun intended) on the three perjury charges. Probably no jail time. We'll see . Anyway, the big question that is now looming is will the Government re-try him on the three perjury charges. Your guess is as good as mine. To coin a phrase, it's an "unhappy ending " for everyone. Bonds' Hall of Fame aspirations all but extinguished! The Goverment spent years, untold millions, vast manpower and now has virtually failed. So where does everyone go from here? On with life I would imagine....Your thoughts?

City of New York failed to Affirmatively Plead "Improper Party"; Accordingly their Motion for Summary Judgment Denied.

Interesting decision from Justice Tapia of Supreme Court, Bronx County in Salinas v. City of New York index # 14740/2005. The case involved a middle school student who was hurt when he tripped, fell and struck a broken locker. Plaintiffs sued the City of New York and The Department of Education. Defendant ,City served an answer and subsequently served an amended answer. Five and a half years after the fall, defendant ,City of New York moved for summary judgment. Justice Tapia denied the motion and the Court noted in it's decision that The City of New York failed to affirmatively plead "improper party " in the answer or in the amended answer. In this case , the decision is of " little consequence " since The Dep't of Education is the target defendant. But it will something to watch if the City takes this issue up on appeal. Your thoughts?

Insider Trading; How many Mergers and Acquisition Attorneys divulge "Confidential,Inside Information"?

There are countless sources on "non-public information" to tap into for stock traders including banks, investment banking houses, mail room employees, accountants and employees at "prospectus printing firms". But no source is more fertle than the "mergers and acquisitions attorney ", who has unlimited, unfettered and unscreened access to"all the lurid details " of proposed mergers or acquisitions. We discovered this week in the case of Matthew H Kluger Esq. , a senior associate in a Wash. D.C. "M& A Firm", that "greed is allmighty "! Mr. Kluger is accused of stealing information from three law firms and passing it on to a middleman...where it ended up in the hands of the ultimate trader. The temptation is great, the reward(easy $), but unfortunately nowadays with modern trading technology the "leads for prosecutors" to follow are like laying breadcrumbs on your hiking trail. Like any scheme, it's great until.......you get caught!..More lives and careers ruined over greed! Something to think about; How rampant is this scenario? Your thoughts?

Manny Ramirez; Do you think he really cares?

Manny Ramirez, the Dominican kid from New York, George Washington H.S. yes he made it big ! Became one of the greatest hitters of all time: 555 homers, over 1800 RBI's, .312 lifetime batting average, 2 World Series rings, for a 5-6 year stretch part of arguably one of best 1,2 punches of all-time....and let's not forget the $200 MILLION HE MADE.How much do you think is left ? So what did the phrase "Manny being Manny " really mean ? I'm ultra-talented, I'm a huge producer, I make things look easy, ...but I'm lazy, don't work hard,I'm irresponsible, unpredictable,don't care about anything , am aloof and happy go lucky? Probably all those things are true to some extent. He was only tolerated because of his "sheer numbers"! I don't know if I'm in the minority(especially as a Yankee fan), but I have always liked and respected him. So, to us fans and baseball purists this is a very sad culmination of a great career. He now will always be grouped with Pete Rose, Mark McGuire, Barry Bonds and Rafael Palmeiro. For better or for worse... The fans and writers seem to care....But at the end of the day, does Manny really care?

Galleon Insider Trading Case; The Prosecution has Rested.

The Prosecution has rested in "The Galleon Insider Trading Case ". Plenty of witnesses, plenty of wiretaps and lots of strong evidence. Defense is only expected to call 5 or 6 witnesses; Is less better? Only time will tell. The defense theme will be that Galleon managed over $7 billion and prided itself on unmatched market research and keeping "their collective noses to the grindstone" at all times . At the end of the day it will be an interesting issue for the jury to determine whether in fact defendant acted on (and profited from) "alleged illegal insider information"......Or whether he acted on market research and information that was legitimately gathered. Going to take an excellent defense summation to explain this to the jury and to plant a viable seed for aquittal. Tough one for the defense, especially in light of the vast resources the Government has pumped into this prosecution. Stay tuned!

Bonds Trial; Greg Anderson is Out, Will Bonds be in or Out?

Well, that was quick! Bonds' trial testimony is finished, summations given and the case has been handed to the jury to deliberate. While the jury began deliberations, Bonds' long-time trainer Greg Anderson was released from jail following his continued refusal to testify at trial. We can only speculate as to the impact his testimony would have had at trial...suffice to say it probably would not have been good for Mr. Bonds. We do know his absence significantly weakened the Government's case. Well, it won't be much longer now.

Bonds Trial; Defense gets a favorable Ruling On Admissibility of Tape.

Well ,the Prosecution has rested and "Bonds' defense team" gets ready to put on their case. They are expected to call six witnesses and obviously will attack the credibility of most or all of the Government witnesses including Steve Hoskins, Bonds' former business manager. Allegations have been floating around regarding alleged attempts by Hoskins to "blackmail Bonds ". What a world we live in! Anyway, the Prosecution just attempted to introduce into evidence "a newly discovered tape recording " between Hoskins and Bonds' ortho ,Dr. Ting . The Court ruled that not only was the tape of "poor quality " , but that it was essentially irrelevant to the issues before the Court and jury. Correct decision. Plus, where was the tape since 2005? Your thoughts? Will be mighty interesting to see the defense strategy and how they may account for Bonds' "small balls". Stay tuned.

Martin Tankleff Wins Huge Discovery Ruling in Federal District Court.

For those of you who have or have not followed the "Tankleff Case " over the last 20 years, Martin Tankleff was convicted in 1988 for the murder of his parents, based in large part on a coerced(tricked) confession. There was really no other evidence linking him to the crime. Mr. Tankleff spent almost 20 years in jail. Finally, in 2007 the Appellate Division , Second Department overturned his conviction. After Special Prosecutor, Andrew Cuomo, concluded his investigation a decision was made not to retry Tankleff. The charges were then dismissed and Mr. Tankleff was released. He subsequently filed suit in Federal District Court against The County of Suffolk. Just this past week a Federal Magistrate handed down a "blockbuster decision" which compels the N.Y. Attorney General's Office to turn over materials it gathered during a six month investigation which resulted in the decision not to re-prosecute Mr. Tankleff. Great stuff! Mr. Tankleff and his team of attorneys must be salivating waiting on compliance with the Court's Order; and rightfully so! Twenty years in jail is a long, long time!

U Conn, National Champs; Where does that place Calhoun....?

Great NCAA Tourney. Big schools, small schools, upsets, close games, V.C.U.....Butler, U Conn's run. Wow! Fantastic three weeks. So now that Jim Calhoun has joined that "elite fraternity" of college coaches with 3 or more championships; Wooden, B Knight, Coach K and Adolph Rupp(Pretty good company) where does that place Calhoun all-time? Hall of Fame for sure. Top 10, top 5...? Your thoughts . At least for this moment; Top 1! Congrats U Conn.

It's not how many times you fall ,But how many times you get up that Defines a Person

Great, uplifting story in the March 31st, 2011 New York Law Journal about Joel Silberman a landlord-tenant lawyer who had been suspended after his "life spiralled out of control " due to a personal drug addiction. He actually pled guilty to a drug felony, but then attended an 18 month drug rehab program and the felony conviction was vacated . He has been drug free for more than 6 years and counsels drug addicted individuals. After a long hard battle both personally and professionally, he was recently reinstated by the Appellate Division, First Department. Mr. Silberman, good for you. Best of luck!

Governo Cuomo, What were you thinking with Proposed Cap on pain and suffering in Medical Malpractice cases?

Thank God Governor Cuomo's proposal to limit pain and suffering in medical malpractice cases failed! Just the fact that this was under strong consideration made me sick to my stomach. Has the Governor ever seen a brain damaged baby, a 25 year old paralyzed from medical negligence, a teenager blinded by an eye surgeon or a 50 year old ravaged by her primary doctor's failure to diagnose/treat cancer. I have! It's "gut-wrenching"! If that bill had passed[like some other ignorant states] we'd be placing a value of $250,000 on an individual's complete and total "loss of of enjoyment of life" and ongoing , excruciating pain and suffering. Again, Andrew M. Cuomo; What were you thinking?