Illustrated Courtroom: May 2012

Wednesday, May 30, 2012

GUPTA TRIAL DAY SEVEN

Gupta Trial Synopsis Day 7

http://businesstoday.intoday.in/story/rajat-gupta-trial-day-7/1/184992.html

The spat btwn Naftalis and Brodsky that the judge characterized as "polite way of name calling" and playing a"game of gotcha" shows nerves are fraying outside view of the jury.
Michael Cardillo had stepped down off the stand and the jury was at lunch.

Brodsky claimed that Naftalis gave his defense table thumbs up during cross examination last week and then said under his breath "got him". Brodsky said this was or could be heard by the jury. Then Naftalis made some claim about an objection the prosecution made and then Brodsky handed some related papers up to the judge. Then the judge finally said I can read these papers or go to lunch.
The gallery chuckled, court was adjourned for lunch.

Story link
http://newsandinsight.thomsonreuters.com/New_York/News/2012/05_-_May/Testy_times_for_counsel_at_Gupta_insider-trading_trial/

Also the jury asked the judge if they could see what we, the artists, were drawing. He was amused by this query and assured them that we were doing a good job, but unfortunately they were not allowed to see or read anything about the case, including our artwork. Ironically we have been requested not to draw their faces so I hope they are not disappointed there will be no recognizable images of the jury at this trial.

GUPTA TRIAL DAY SIX

Gupta Trial Synopsis Day 6

http://businesstoday.intoday.in/story/rajat-gupta-enters-second-week/1/184944.html

CFO of P&G Jon Moeller on the stand. He was put on the stand in the middle of Michael Cardillo's testimony. Once he was finished Cardillio resumed on the stand.

story link
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/29/bloomberg_articlesM4SSEI07SXKX01-M4T8P.DTL

story link on Cardillo testimony
http://dealbook.nytimes.com/2012/05/29/p-g-takes-center-stage-at-gupta-trial/?ref=todayspaper

DEWEY BANKRUPTCY First Day Orders

The bankruptcy of Dewey LeBoeuf was the largest law firm bankruptcy in US history.

Albert Togut gave an eloquent opening statement to the Judge Martin Glenn (who also handled the MF Global bankruptcy).

However the judge did not approve the cash collateral order and the lawyers were told to either return the following day with issues resolved or on Friday morning for a hearing.

story link

http://www.reuters.com/article/2012/05/29/us-deweyandleboeuf-bankruptcy-hearing-idUSBRE84S1EC20120529

Monday, May 28, 2012

GUPTA TRIAL Judge Jed Rakoff

Here are some of the trials that I covered where Judge Rakoff presided.
Terra Firma v Citibank
US v Winnie Jiau
US v James Fleishman
US v Marc Dreier
Picard v Katz ( "Mets/Madoff ")
US v Rajat Gupta
He is one of the most prominent and active judges I have seen, scheduling hearings and conferences
late( even on Friday afternoons), and going late into the evening. He knows how to handle the press and moves cases along quickly. Indeed he informed lawyers that they need to sharpen their presentation and avoid jury boredom at the Gupta trial.

Gupta story link

http://newsandinsight.thomsonreuters.com/New_York/News/2012/05_-_May/Fear_of_jury_boredom_seeps_into_Gupta_insider_trial/

Story link
http://topics.wsj.com/person/R/jed-rakoff/5391

Judge Rakoff

I have drawn Judge Rakoff on many occasions, but this scene was the most unique.

During a Marc Dreier bail hearing Judge Rakoff needed
to get information from the court appointed receiver , who was not present in court.
So he tracked him down on his cell phone, then had a conference with the receiver in the middle
of the hearing with the judge and lawyers encircling the speaker phone.

Story link
http://webcache.googleusercontent.com/search?q=cache:HNgDgdZY-lAJ:www.crainsnewyork.com/article/20090203/FREE/902039997+&cd=4&hl=en&ct=clnk&gl=us

Friday, May 25, 2012

GUPTA TRIAL DAY FIVE Michael Cardillo

Gupta Trial Synopsis Day 5

http://businesstoday.intoday.in/story/rajat-gupta-trial-raj-rajaratnam-insider-trading/1/184871.html

Former Galleon fund manager and

co-operating witness Michael Cardillo on the stand today.

Story links
http://www.bloomberg.com/news/2012-05-25/rajaratnam-had-p-g-board-guy-witness-says-citing-brother.html

http://www.nypost.com/p/news/business/raj_guy_had_goods_MnN5hsHnYRgKlGKOkVfG7K

Thursday, May 24, 2012

GUPTA TRIAL Rajat Gupta, Raj Rajaratnam and attorney Gary Naftalis

Gary Naftalis is Rajat Gupta's powerful defense attorney. He represented Phillip Bennett in the Refco fraud and brilliantly spoke on his behalf; his client only received a sentence of 16 years after being in involved in a 1.5 billion dollar fraud.
story link
http://www.nydailynews.com/2.1353/n-y-judge-orders-prison-refco-ceo-article-1.346520
Here Rajat Gupta is seated with Naftalis during his formal arraignment

Naftalis/Gupta
story link
http://www.moneycontrol.com/news/features/rajat-guptas-last-card_715659 .html

During trial I thought this was an interesting image, the juxtaposition of the evidence photo of Rajaratnam on the phones at his desk with Rajat Gupta seated at the defense table.