Saturday, April 6, 2019

CNBC What to expect after Elon Musk’s day in court

What to expect after Elon Musk’s day in court
Lora Kolodny CNBC 

 Artwork by Elizabeth Williams

Muzzle? Fine? Removal? What to do about Elon Musk?

The Tesla CEO had his day in court Thursday for a hearing in his ongoing battle with the Securities and Exchange Commission. This time, the financial regulators alleged Musk broke the terms of a prior settlement agreement by posting material company information on Twitter earlier this year. Musk claims he did nothing wrong.
Elon Musk seated in Manhattan Federal Court as his attorney John Hueston argues his case in front of Judge Alison Nathan 

Former SEC prosecutor Elliot Lutzker believes the agency will back down without removing Musk from the CEO position, but only after Musk pays a fine significantly larger than the $20 million he paid last year to settle his original dispute with the SEC, which stemmed from the CEO’s infamous “funding secured” tweet where he suggested he was going to take Tesla private.
But Lutzker says he doesn’t think Musk will be able to stay out of trouble “unless he gives up Twitter
Where the fight stands
The latest round the legal battle started on Feb. 19, when Musk tweeted to his more than 24 million Twitter followers: “Tesla made 0 cars in 2011, but will make around 500k in 2019.”
He later tweeted a clarification stating: “Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.”
On Wednesday night, Tesla reaffirmed its full-year forecast of 360,000 to 400,000 vehicle deliveries in 2019 while at the same time reporting disappointing first-quarter deliveries — about 63,000 of its electric vehicles versus analysts’ expectations of 76,000.
So, to hit the low end of its guidance, Tesla would need to deliver 297,000 additional vehicles to customers in 2019, or an average of 99,000 per quarter. That’s more than Tesla has ever delivered in any quarter — its record is 90,700 during the last quarter of 2018.
Judge Alison Nathan speaking to Musk attorney John Hueston during hearing  Artwork by Elizabeth Williams 

Judge Alison Nathan heard oral arguments in Manhattan federal court on Wednesday but rather than rule immediately, she asked Tesla and the financial regulators to try to work out their differences within two weeks.
In response, Musk said in a statement, “I have great respect for Judge Nathan, and I’m pleased with her decision today. The tweet in question was true, immaterial to shareholders, and in no way a violation of my agreement with the SEC. We have always felt that we should be able to work through any disagreements directly with the SEC, rather than prematurely rushing to court. Today, that is exactly what Judge Nathan instructed.”
Possible outcomes
CNBC asked former Lutzker, now a corporate and securities partner at Davidoff Hutcher & Citron, for his take on the case.
“When they entered into the settlement, the SEC thought they’d solve the problem. And Musk thought he didn’t have to get preapproval of his tweets. He’s wrong.”
He suggests that the SEC will probably have to walk back the contempt matter.
“It is clear what both sides want right now,” Lutzker said. “The SEC wants compliance with the settlement. Musk’s attorneys want the SEC to drop the contempt proceedings, which they will need to do as he is not a recidivist securities law violator, just a recidivist tweeter.”
But he also thinks Musk’s attorneys went a bit far with their argument. “They keep saying the SEC is trying to violate his First Amendment rights. That’s going too far. It’s not a vendetta.”
What happens next?
https://www.cnbc.com/2019/04/05/elon-musk-vs-sec-what-happens-next-according-to-ex-sec-prosecutor.html

Thursday, April 4, 2019

CNBC US judge gives Tesla CEO Elon Musk, SEC two weeks to work out their issues

US judge gives Tesla CEO Elon Musk, 

SEC two weeks to work out their issues


  • U.S Judge Alison Nathan said she had “serious concerns that no matter what I decide here, this issue won’t be resolved.”
  • Everyone must follow the law, she said, whether you are a “small potato” or a “big fish.”
  • Musk told reporters he was “happy” and “impressed with the judge’s analysis.”
  • A federal judge gave Tesla CEO Elon Musk and the Securities and Exchange Commission two weeks to work out their differences, punting a request from the agency to hold him in contempt of court for allegedly violating an October securities fraud settlement.
  • Elon Musk seated in court watching SEC attorney Cheryl Crumpton make argument to Judge Alison Nathan
    Courtroom drawing by Elizabeth Williams 
Musk told reporters he was “happy” and “impressed with the judge’s analysis” as he left the hearing room in the U.S. District Court for the Southern District of New York on Thursday.
U.S Judge Alison Nathan said she had “serious concerns that no matter what I decide here, this issue won’t be resolved.” Nathan ordered both parties to “take a deep breath, put on your reasonableness pants” and work out a solution.

Musk was at the hearing on contempt charges requested by the SEC after he tweeted about the company’s production forecasts on Feb 19. His settlement agreement prohibits him from using Twitter to make statements about Tesla’s operations or financial position without company review and approval.



Nathan told Musk and the SEC that contempt charges are serious business. Everyone must follow the law, she said, whether you are a “small potato” or a “big fish.”

More on this story

Sunday, February 10, 2019

EMMA CORONEL AISPURO WIFE OF " EL CHAPO" GUZMAN

Emma Coronel Aispuro, the wife of accused Mexican drug lord Joaquin "El Chapo" Guzman, has been a constant presence in the courtroom throughout his Brooklyn federal trial.

Emma Coronel Aispuro during pre trial hearing 9/20/18
 Like star-crossed lovers in a lurid narconovela, they would steal doting glances at one another from across the courtroom, with Guzman at the defense table, and Coronel in the gallery.


"El Chapo" Guzman waving to his wife in the audience during a pre trial hearing 


Emma Coronel Aispuro during opening statements, seated behind the "in house" press 11/13/18

Emma Coronel Aispuro seated in court during trial testimony in the row reserved for her

Emma Coronel Aispuro seated in court the day of summations 1/2019


As the jury now weighs Guzman's fate, the former beauty queen still pops into court in support of her husband, who faces 10 counts in a massive cocaine conspiracy.
Emma Coronel speaking to spectators during day one of deliberations 



While Coronel carries herself with the same effortless air she embodied during some three months of opening arguments, witness testimony, and closing arguments, an air of tiredness appears to be creeping in.

Emma Coronel Aispuro during day two of deliberations 


Coronel nevertheless continues to channel the same glamour that has made her as much a star of the trial as her purported kingpin spouse, sporting form-fitting clothing, sky-high heels, and a perfectly coiffed cascade of black hair when she appears.
Emma Coronel Aispuro during day four of deliberations

Wednesday, January 16, 2019

NY DAILY NEWS: Witness at El Chapo's trial testifies about bribe payment to DEA agent

Witness at El Chapo trial testifies about bribe payment to DEA agent made on behalf of Colombian cartel group

Artwork by Elizabeth Williams 
Alex Cifuentes tesifies via interpreter
( click on an image to see larger)
El Chapo’s former secretary testified Wednesday about bribe payments made to a DEA agent on behalf of members of a Colombian cartel group.
During his fourth morning on the stand, Alex Cifuentes, 50, told the court under cross-examination that his brother Francisco Ivan (Pacho) Cifuentes Villa authorized a payment to an agent with the DEA. The payout was given to the U.S. law enforcement officer inside a “cell phone box” at a restaurant located near an airport in Colombia, Cifuentes testified.

El Chapo defense table


“There were some dollars in there,” Cifuentes said of the package, adding that he was unsure of whether the money was intended as a gift or a bribe.
The agent was not named during the testimony, nor the date or exact location of where the alleged bribe took place.Pacho Cifuentes led the notorious Cifuentes-Villa drug trafficking cartel until his assassination in 2007. Jurors heard earlier in the trial about his early beginnings in the trade working as a pilot for Pablo Escobar. The revelation came out during questioning about statements the witness gave during debriefings following his extradition to the U.S. in 2016.
Emma Coronel Aispuro seated in court

Cifuentes also spoke of bribe payments paid to a Colombian general identified as Naranjo — made by members of his drug-trafficking family and not El Chapo — and members of the Colombian air force.

On Tuesday, the turncoat prompted international headlines after testifying about a $100-million bribe payment El Chapo, whose real name is Joaquín Guzmán Loera, allegedly made to the former president of Mexico, Enrique Peña Nieto, in October 2012.

On Wednesday, U.S. District Judge Brian Cogan questioned the validity of the witness’s bombshell claims and suggested prosecutors may not have brought them up under direct examination as they simply don’t believe them.

“Or maybe they’re desperately trying to protect the Mexican government,” defense attorney Jeffrey Lichtman responded.



Tuesday, January 15, 2019

Artwork by Bill Robles of 'Miracle on the Hudson'. Pilot, crew, passengers mark 10th anniversary of extraordinary landing

Bill Robles illustration of a non court scene,
the rescue of US Airways flight 1549 on the Hudson River 10 years ago.
This illustration was shown at the  The New York City Police Museum in a show titled
Police in our Community.
The show highlighted the different divisions of the NYPD and how they interact with the community.
Several  NYPD divisions were involved in the rescue from Aviation to Harbor  to ESU/Scuba and more.
In the icy January waters the NYPD safely rescued all the passengers
with assistance from various ferry services including NY Waterways.


Thursday, January 3, 2019

AP: El Chapo jury hears testimony from cartel cohort

El Chapo jury hears testimony from cartel cohort: A former Mexican drug trafficker who once claimed he was an informant for the DEA is testifying at the U.S. trial of the notorious kingpin known as El Chapo
Vincente Zambada testifies in court via  translator (seated left). US Marshal is seated behind him. 
Artist: Elizabeth Williams 

Vicente Zambada became the latest in a parade of cooperators to testify as government witnesses in the conspiracy case against Guzman in federal court in Brooklyn. Like the others, he described the rampant violence and greed that accompanied Guzman’s rise to power atop the Sinaloa cartel.

El Chapo  flanked by his defense team,  listens to Vincente Zambada during his testimony. 
( Click on image to see larger )
El 
                                                                                   

Lawyers for Guzman – who was sent to the United States in 2017 after gaining notoriety for twice escaping Mexican jails – have sought to portray the cooperators as shady opportunists willing to exaggerate their client’s involvement in the drug trade to earn breaks in their own cases.

Zambada, 43, is the son of Ismael “El Mayo” Zambada, another cartel boss who’s still at large. His uncle, former cartel member Jesus Zambada, has also testified at Guzman’s trial.
Vicente Zambada told the jury Thursday about a meeting in the early 1990s where a rival drug gang leader told him he wanted to kill his father and Guzman to avenge a botched hit. At another meeting in the mid-2000s, representatives from corrupt Mexican politicians asked if the cartel could help them ship 100 tons of cocaine in an oil tanker ship, he said.
“They wanted to know if my dad and Chapo could provide that amount of coke,” he said.
“They wanted to know if my dad and Chapo could provide that amount of coke,” he said. said he was arrested before he learned whether the shipment ever occurred.
After Zambada was extradicted to the U.S., his lawyers claimed he had been working for the DEA as a confidential informant even as he was smuggling cocaine. In exchange for inside information on the cartel, he had been promised immunity from prosecution, they said.
Prosecutors denied Zambada’s allegation that there was an immunity deal that was “approved at the highest levels of government.” He later pleaded guilty and agreed to cooperate.
Zambada was to retake the witness stand Friday. The trail, which began in mid-November, is expected to continue into next month.